IKD(600933)2025-03-31 04:35Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [2][19]. Core Views - The company reported a revenue of 6.75 billion yuan for 2024, reflecting a year-on-year increase of 13%, while the net profit attributable to shareholders was 940 million yuan, up 3% year-on-year [2]. - The report highlights a focus on the expansion of the robotics business in 2025, alongside the continuation of growth in the company's core automotive parts segment [2][7]. Financial Performance Summary - For 2024, the company achieved a total revenue of 6,746 million yuan, with a year-on-year growth rate of 13.2%. The net profit attributable to shareholders was 940 million yuan, with a growth rate of 2.9% [9]. - The company’s earnings per share (EPS) for 2024 is projected at 0.95 yuan, with a price-to-earnings (P/E) ratio of 18 times [9]. - The report forecasts revenue growth for the next three years, with expected revenues of 7,737 million yuan in 2025, 8,961 million yuan in 2026, and 10,030 million yuan in 2027, corresponding to growth rates of 14.7%, 15.8%, and 11.9% respectively [9][10]. Business Development Insights - The company is focusing on the development of large-scale die-casting capabilities, with significant improvements in self-manufacturing of molds over 2000 tons, positioning itself at the forefront of the industry [7]. - The establishment of a wholly-owned subsidiary, Shun Dong Robotics, aims to enhance the company's capabilities in the robotics sector, including the development of components for humanoid robots [7][9]. - The report emphasizes the importance of maintaining growth in the mid-to-large component segments and the progress in new business areas such as robotics [7].