KSHG(605333) 民生证券·2025-01-22 04:33Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 37.68 yuan on January 21, 2025 [5][4]. Core Views - The company is expected to achieve a significant increase in net profit for 2024, with estimates ranging from 600 million to 710 million yuan, representing a year-on-year growth of 1,009.12% to 1,212.46% [1]. - The fourth quarter of 2024 is projected to show a net profit of approximately 217 million yuan, reflecting a year-on-year increase of 182.51% and a quarter-on-quarter increase of 18.33% [2]. - The company has a robust order backlog, with an expected average annual order volume of 2.3758 million sets for high-voltage wiring harness projects from 2024 to 2026 [3]. - The domestic market for wiring harnesses is anticipated to grow significantly, with a projected total market size of 130.7 billion yuan by 2025, driven by the increasing demand for high-voltage and special wiring harnesses in electric vehicles [3]. Summary by Sections Financial Performance - The company forecasts revenues of 7.748 billion yuan in 2024, 10.006 billion yuan in 2025, and 12.508 billion yuan in 2026, with growth rates of 93.6%, 29.2%, and 25.0% respectively [4][8]. - The net profit is expected to reach 654 million yuan in 2024, 878 million yuan in 2025, and 1.105 billion yuan in 2026, with growth rates of 1,109.1%, 34.2%, and 25.9% respectively [4][8]. Market Position - The company has successfully secured new projects, including low-voltage and high-voltage wiring harnesses for various automotive brands, enhancing its market position [3]. - The report highlights the company's strong research and development capabilities, positioning it well to capitalize on the domestic replacement trend in the wiring harness industry [3]. Valuation Metrics - The projected earnings per share (EPS) are estimated at 1.50 yuan for 2024, 2.01 yuan for 2025, and 2.53 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 25, 19, and 15 [4][8].