IKD(SH:600933) Guohai Securities·2025-04-03 10:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady revenue growth in 2024, with a focus on expanding its robotics-related business [1] - In 2024, the company reported a revenue of 6.746 billion yuan, a year-on-year increase of 13.24%, and a net profit attributable to shareholders of 940 million yuan, a year-on-year increase of 2.86% [4][5] - The company is actively expanding its global footprint, with significant developments in its Malaysian and Mexican production facilities, which are expected to enhance its market presence and operational efficiency [5][6] Financial Performance - In Q4 2024, the company achieved a revenue of 1.772 billion yuan, with a year-on-year and quarter-on-quarter increase of 2.86% and 2.72% respectively [4] - The gross margin for Q4 2024 was 23.72%, reflecting a decrease of 5.69 percentage points year-on-year and 6.03 percentage points quarter-on-quarter, primarily due to accounting adjustments and rising aluminum prices [5] - The company anticipates a revenue growth rate of 17% for 2025, with projected revenues of 7.889 billion yuan [7] Earnings Forecast - The company is projected to achieve a net profit of 1.110 billion yuan in 2025, representing an 18% year-on-year growth [7] - The earnings per share (EPS) is expected to be 1.13 yuan in 2025, with a price-to-earnings (P/E) ratio of 14.70 [8] Strategic Initiatives - The establishment of a wholly-owned subsidiary focused on robotics technology indicates the company's commitment to diversifying its product offerings and entering new markets [5] - The company is also investing in magnesium alloy die-casting technology, which is seen as a critical area for future growth in automotive lightweighting and robotics [5]