IKD(SH:600933) China Securities·2025-05-16 07:25Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential relative price increase of over 15% [20]. Core Views - The company is expected to achieve revenue, net profit attributable to shareholders, and net profit excluding non-recurring gains and losses of 6.746 billion, 940 million, and 879 million yuan in 2024, representing year-on-year growth of 13.24%, 2.86%, and 0.40% respectively [1][3]. - In Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring gains and losses of 1.666 billion, 257 million, and 236 million yuan, with year-on-year growth of 1.41%, 10.94%, and 6.64% respectively [1][3]. - The company is advancing its globalization strategy and is firmly positioned in the "new energy vehicles + intelligent driving" product segment, aiming to deepen partnerships with leading overseas auto parts suppliers while expanding its market share in traditional small parts [1][12]. - The company is also focusing on optimizing its product structure and expanding its business from small to medium and large components, benefiting from the global trend of automotive lightweight upgrades [1][12]. Financial Performance Summary - In 2024, the company achieved total revenue of 6.746 billion yuan, a year-on-year increase of 13.24%, and a total profit of 1.091 billion yuan, up 2.5% year-on-year [2]. - The automotive segment generated revenue of 6.508 billion yuan in 2024, reflecting a growth of 14.75%, while the industrial segment saw a decline in revenue to 171 million yuan, down 27.72% [3][10]. - The company's gross margin for 2024 was 27.65%, a decrease of 1.44 percentage points year-on-year, primarily due to rising raw material costs [10][11]. Production and Capacity Expansion - The company is steadily constructing production facilities both domestically and internationally, with factories in Henshan, Ma'anshan, and Malaysia on schedule, and the first phase of the Mexico factory turning profitable [11]. - The company is also expanding its product categories to align with trends in the automotive and humanoid robot industries, maintaining a high equipment utilization rate of over 90% [11].