IKD(600933) GOLDEN SUN SECURITIES·2025-01-16 11:23Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has announced a plan to acquire 71% of Zhuoerbo (Ningbo) Precision Electromechanical Co., Ltd, along with a fundraising plan through issuing shares to specific investors [1]. - Zhuoerbo's revenue and net profit for 2023 are projected at 850 million and 150 million respectively, with a strong client base including major companies [1]. - The company is expanding its production capacity and is expected to exceed performance targets due to ongoing projects in Mexico and Malaysia [1]. - The company is also diversifying into emerging sectors such as robotics and industrial automation, leveraging its expertise in micro-special motors [1]. Financial Projections - Revenue is expected to grow from 5,957 million in 2023 to 10,697 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 22% [3]. - Net profit is projected to increase from 913 million in 2023 to 1,584 million by 2026, with a CAGR of around 24% [3]. - The earnings per share (EPS) is forecasted to rise from 0.93 in 2023 to 1.61 by 2026 [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 16.3 in 2023 to 9.4 by 2026, indicating potential undervaluation [3]. Stock Information - The company operates in the automotive parts industry, with a total market capitalization of approximately 14,930.40 million [4]. - The stock closed at 15.16 on January 15, 2025, with a total share count of 984.86 million [4].