KSHG(605333) 信达证券·2025-01-22 08:48Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the projected growth and performance metrics. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 600-710 million yuan in 2024, representing a year-on-year increase of 1009%-1212%. The net profit after deducting non-recurring gains and losses is projected to be 584-694 million yuan, reflecting a year-on-year increase of 1362%-1638% [2]. - The company has established itself as a leading supplier in the domestic automotive wiring harness industry, with a strong customer base including major automotive manufacturers such as Volkswagen, Daimler, and Ford [4]. - The company has a robust order backlog, which supports its rapid growth. It has secured new orders in the first half of 2024, including projects for various automotive models [4]. - The company is actively expanding into overseas markets, enhancing its growth potential by establishing a dedicated overseas management and market development team [4]. - Profit forecasts indicate that the company is expected to achieve net profits of 660 million yuan, 870 million yuan, and 1.06 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.50, 2.00, and 2.43 yuan [4]. Financial Summary - Total revenue is projected to grow from 4,003 million yuan in 2023 to 7,885 million yuan in 2024, reflecting a year-on-year growth rate of 97.0% [5]. - The net profit attributable to shareholders is expected to increase significantly from 54 million yuan in 2023 to 656 million yuan in 2024, marking a year-on-year growth of 1112.4% [5]. - The gross profit margin is anticipated to improve from 12.9% in 2023 to 17.5% in 2024 [5]. - The company's return on equity (ROE) is projected to reach 30.3% in 2024, indicating strong profitability [5].