IKD(SH:600933) Donghai Securities·2025-04-03 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.746 billion yuan for 2024, representing a year-on-year increase of 13.24%, with a net profit attributable to shareholders of 940 million yuan, up 2.86% year-on-year [6] - The company is experiencing solid growth in its small and medium-sized component business, with the revenue share from new energy vehicle-related products continuing to rise, exceeding 30% [6] - The company is expanding its global production capacity, with the second phase of its factory in Mexico set to be operational in Q2 2025, focusing on components for new energy vehicles and robotics [6] - The company is entering the robotics sector to cultivate a second growth engine, establishing a subsidiary focused on robot components and wearable technology [6] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.772 billion yuan, with year-on-year and quarter-on-quarter growth of 2.86% and 2.72%, respectively [6] - The gross profit margin for 2024 was 27.65%, a decrease of 1.44 percentage points year-on-year, primarily due to rising raw material prices and accounting policy adjustments [6][8] Business Segments - Automotive products generated revenue of 6.508 billion yuan in 2024, reflecting a year-on-year growth of 14.75%, while industrial products saw a decline in revenue by 27.72% [6] - Domestic sales grew at a faster rate than exports, with domestic revenue reaching 3.256 billion yuan, up 21.72% year-on-year, while export revenue was 3.424 billion yuan, up 5.87% [6] Global Expansion - The company has completed the construction of its factories in China and Malaysia, with the latter already in production [6] - The first phase of the Mexico factory has turned profitable, and the second phase is expected to be completed in April 2025 [6] Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.022 billion yuan, 1.299 billion yuan, and 1.541 billion yuan, respectively [6] - The projected earnings per share (EPS) for 2025-2027 are 1.04 yuan, 1.32 yuan, and 1.56 yuan, with corresponding price-to-earnings (PE) ratios of 16X, 13X, and 11X [6][8]