IKD(SH:600933) GOLDEN SUN SECURITIES·2025-03-31 08:23Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 6.75 billion yuan in 2024, representing a year-on-year increase of 13.2%, and a net profit attributable to shareholders of 940 million yuan, up 2.9% year-on-year [1] - In Q4 2024, the company reported a revenue of 1.77 billion yuan, with year-on-year and quarter-on-quarter growth of 2.9% and 2.7% respectively, while the net profit attributable to shareholders was 200 million yuan, down 37% year-on-year and 32% quarter-on-quarter [1] - The company is expanding its robot components business, establishing a wholly-owned subsidiary for research and sales in the robotics field, and developing magnesium alloy die-casting technology for automotive lightweighting and robotics [2][3] Financial Summary - The company’s revenue is projected to grow from 6.75 billion yuan in 2024 to 11.97 billion yuan in 2027, with respective growth rates of 20.2%, 21.0%, and 22.0% [3] - The net profit attributable to shareholders is expected to increase from 940 million yuan in 2024 to 1.77 billion yuan in 2027, with growth rates of 26.8%, 21.4%, and 22.1% [3] - The latest diluted EPS is forecasted to rise from 0.95 yuan in 2024 to 1.79 yuan in 2027 [3] - The company’s P/E ratio is projected to decrease from 18.3 in 2024 to 9.7 in 2027, indicating an attractive valuation over the forecast period [3]