IKD(600933)2025-04-17 12:33Investment Rating - The report maintains a "Recommended" rating for the company [7]. Core Viewpoints - The company is a leading domestic supplier of automotive aluminum alloy precision die-casting parts, with a focus on expanding into the new energy vehicle sector. The revenue from new energy vehicle products is expected to increase from approximately 20% in 2022 to 30% in 2025 and 70% by 2030 [1][27]. - The aluminum alloy market for automotive applications in China is projected to grow from approximately 182.85 billion in 2023 to 334.11 billion by 2030, with a CAGR exceeding 9.0% [2]. - The company has a strong competitive advantage due to its lean management capabilities, which are expected to be replicated in its medium and large die-casting business, opening new growth opportunities [3]. Summary by Sections Company Overview - The company has shown steady growth over the past five years, with a CAGR of 17.0% in revenue and 13.5% in net profit from 2019 to 2024. The company is transitioning from small die-casting parts to larger components for new energy vehicles [1][19]. Industry Analysis - The domestic aluminum alloy market for automotive applications is expected to reach approximately 236.1 billion by 2025 and 346.8 billion by 2030, driven by the demand for lightweight vehicles [2][53]. - The market for aluminum die-casting is projected to account for nearly 80% of the total aluminum alloy processing market, indicating significant growth potential [2][57]. Competitive Advantages - The company has over 4,000 product types and maintains a leading position in terms of product value and profitability. Its management capabilities are expected to enhance its market share in both small and large die-casting segments [3][17]. - The company is actively expanding its production capacity in Mexico and other locations to support its global strategy [4][32]. Financial Forecast - The company is expected to achieve revenues of 82.6 billion, 101.6 billion, and 118.4 billion from 2025 to 2027, with corresponding net profits of 11.80 billion, 15.06 billion, and 18.05 billion [5][6]. The projected EPS for the same period is 1.20, 1.53, and 1.83 [5]. Investment Recommendations - The report suggests that the company's global expansion and the release of new orders will drive its main business forward. The establishment of a robotics subsidiary and the acquisition of a majority stake in a robotics company are expected to accelerate growth in this area [5][4].