KSHG(605333) 西南证券·2025-01-22 09:56Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1][7]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 6-7.1 billion yuan in 2024, representing a year-on-year increase of 1009% to 1212%, which aligns with expectations [7]. - The automotive market is projected to maintain stable growth, with total passenger vehicle sales reaching 27.56 million units in 2024, a year-on-year increase of 5.8% [7]. - The company's gross margin improved to 20.5% in Q3 2024, up 7.8 percentage points year-on-year, driven by rapid revenue growth and effective cost control [7]. Financial Performance Summary - Revenue Forecast: - 2023A: 4002.75 million yuan - 2024E: 7839.99 million yuan (growth rate: 95.86%) - 2025E: 10070.22 million yuan (growth rate: 28.45%) - 2026E: 12172.42 million yuan (growth rate: 20.88%) [2][8] - Net Profit Forecast: - 2023A: 54.10 million yuan - 2024E: 659.71 million yuan (growth rate: 1119.50%) - 2025E: 867.53 million yuan (growth rate: 31.50%) - 2026E: 1093.28 million yuan (growth rate: 26.02%) [2][8] - Earnings Per Share (EPS): - 2023A: 0.12 yuan - 2024E: 1.51 yuan - 2025E: 1.99 yuan - 2026E: 2.50 yuan [2][8] - Return on Equity (ROE): - 2023A: 3.50% - 2024E: 30.01% - 2025E: 28.29% - 2026E: 26.28% [2][8] Market Position and Growth Drivers - The company is focusing on high-voltage wiring harnesses for electric vehicles, which have a higher unit value compared to traditional fuel vehicles, thus enhancing its market position [7]. - The company has implemented automated production lines for high-voltage wiring harnesses, which are being utilized by major automotive manufacturers [7]. - Continuous technological innovation is being pursued, with new products developed for high-voltage connectors and charging sockets, contributing to the company's growth potential [7].