IKD(SH:600933) Donghai Securities·2025-04-03 06:58Investment 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 growth in revenue is primarily driven by the increase in small parts business orders and sales growth from key clients in the medium and large parts sector [6] - The company is expanding its global production capacity, with significant developments in its factories in Mexico and Malaysia [6] - The company is entering the robotics sector to cultivate a second growth engine, focusing on micro-motor and magnesium alloy die-casting technology [6] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.772 billion yuan, with a year-on-year increase of 2.86% and a quarter-on-quarter increase of 2.72%. However, the net profit for the same quarter was 198 million yuan, down 37.39% year-on-year and 32.29% quarter-on-quarter [6] - The gross profit margin for 2024 was 27.65%, a decrease of 1.44 percentage points year-on-year, with Q4 2024 gross margin at 23.72%, down 5.69 percentage points year-on-year [6][8] Business Segments - Automotive products generated revenue of 6.508 billion yuan in 2024, up 14.75% year-on-year, with the revenue share from new energy vehicle products exceeding 30% [6] - The company’s export revenue was 3.424 billion yuan, up 5.87% year-on-year, while domestic sales reached 3.256 billion yuan, up 21.72% year-on-year [6] Global Expansion - The company’s factories in China have completed construction and received property certificates, while the Malaysian factory has commenced production of zinc alloy products [6] - The first phase of the Mexican 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 respectively, with corresponding price-to-earnings (PE) ratios of 16X, 13X, and 11X [6][8]