IKD(SH:600933) Tianfeng Securities·2025-05-19 10:14Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5]. Core Insights - The company achieved a revenue of 6.746 billion yuan in 2024, representing a year-on-year growth of 13.24%. The net profit attributable to the parent company was 940 million yuan, up 2.86% year-on-year [1]. - In Q1 2025, the company reported a revenue of 1.666 billion yuan, a 1.41% increase year-on-year, and a net profit of 257 million yuan, which is a 10.94% increase year-on-year [1]. - The company has made significant advancements in its production capabilities, including the successful launch of its 500,000th five-in-one electric drive shell and the internalization of the electrophoresis process for its 48V project [2]. - The company is expanding its global footprint with the completion of various factories, including those in Malaysia and Mexico, which are expected to enhance its production capacity and support market expansion [2]. - The report projects net profits for 2025-2027 to be 1.263 billion yuan, 1.522 billion yuan, and 1.799 billion yuan respectively, with corresponding P/E ratios of 13.0, 10.8, and 9.1 [3]. Financial Summary - The company’s revenue is forecasted to grow from 5.957 billion yuan in 2023 to 11.059 billion yuan in 2027, with a compound annual growth rate (CAGR) of 15.79% [4]. - The EBITDA is expected to increase from 1.733 billion yuan in 2023 to 3.086 billion yuan in 2027, indicating a strong growth trajectory [4]. - The net profit attributable to the parent company is projected to grow significantly, with a forecast of 1.263 billion yuan in 2025, reflecting a growth rate of 34.44% compared to 2024 [4].