KDL(SZ:002850) Dongguan Securities·2025-04-30 10:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company has demonstrated strong performance with resilient profitability, benefiting from the continuous growth in electric vehicle sales and increasing demand for power batteries [5] - The company is a leading global manufacturer of precision structural components for batteries, with a significant increase in orders and effective cost control measures contributing to rapid revenue growth [5] - The company is expanding its production capacity both domestically and internationally, with plans to establish new production bases in the United States and Malaysia [5] Financial Performance - In Q1 2025, the company achieved revenue of 3.022 billion yuan, a year-on-year increase of 20.46% - The net profit attributable to shareholders was 387 million yuan, up 25.51% year-on-year, while the net profit after deducting non-recurring gains and losses was 353 million yuan, an increase of 19.54% year-on-year - The gross margin was 22.2%, up 0.02 percentage points year-on-year, and the net margin was 12.77%, up 0.47 percentage points year-on-year - Operating cash flow net amount reached 679 million yuan, a significant increase of 198.89% year-on-year [5][6] Business Development - The company is deepening its strategic partnerships with major clients such as CATL and ACC, securing a 100% supply share for battery structural components for the next five years [5] - The company is also venturing into the humanoid robotics sector, establishing joint ventures to focus on the development of joint components, which is expected to create new growth opportunities [5] Future Outlook - The company maintains a "Buy" rating with projected EPS of 6.70 yuan and 8.07 yuan for 2025 and 2026, respectively, corresponding to PE ratios of 19 times and 16 times [5][6]