KSHG(605333) 甬兴证券·2025-01-23 07:01Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's core customers are experiencing significant growth, which is driving the company's performance [2] - The overall passenger vehicle market is expected to maintain stable growth in 2024, with substantial increases in the production and sales of new energy vehicles [2] - The company is positioned to benefit from the rise of domestic automotive brands due to its competitive advantages in technology, manufacturing, and service [3] Financial Projections - The company forecasts a net profit attributable to shareholders of approximately 600 million to 710 million yuan for 2024, representing a year-on-year increase of about 1009.12% to 1212.46% [1] - The expected revenue for 2024 is approximately 7.69 billion yuan, with projected year-on-year growth rates of 92.1%, 39.4%, and 24.7% for 2024, 2025, and 2026 respectively [4] - The projected net profit for 2024 is around 620 million yuan, with significant growth rates of 1050.3%, 50.5%, and 28.6% for the following years [4] Customer and Technology Drivers - The company's main customers, including Seres and Li Auto, are expected to increase their production significantly in 2024, contributing to the company's market share and performance [2] - The company is implementing technological innovations such as high-voltage connector integration and aluminum substitution for copper, which are expected to optimize cost structures and enhance profitability [3]