IKD(600933) 光大证券·2025-04-02 09:50Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 19.67 CNY, corresponding to an 18x PE for 2025E [3][5]. Core Views - The company's total revenue for 2024 is expected to grow by 13.2% year-on-year to 6.75 billion CNY, while the net profit attributable to shareholders is projected to increase by 2.9% to 940 million CNY [1]. - The company is advancing its global deployment and entering the robotics sector, which is anticipated to initiate a second growth curve [2]. - The report indicates that the company's gross margin is expected to stabilize and improve in 2025E after a decline in 2024 [1][2]. Summary by Sections Financial Performance - In 4Q24, the company's revenue was 1.77 billion CNY, reflecting a year-on-year increase of 2.9% and a quarter-on-quarter increase of 2.7%. However, the net profit for the same period decreased by 37.4% year-on-year to 200 million CNY [1]. - The gross margin for 2024 is projected to be 27.6%, down 1.4 percentage points from the previous year, with a significant drop in 4Q24 to 23.7% [1][10]. Growth Strategy - The company is actively expanding its global production capacity to mitigate tariff risks, with new factories in Mexico and Malaysia expected to enhance operational efficiency [2]. - The entry into the robotics field through acquisitions and internal development is expected to bolster the company's growth trajectory [2]. Earnings Forecast - The report forecasts a net profit of 1.087 billion CNY for 2025E, reflecting a growth rate of 15.66% [4][8]. - The company's revenue is expected to reach 7.711 billion CNY in 2025E, with a growth rate of 14.31% [4][8].