KEBODA(603786) HTSC·2025-06-06 02:35Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 81.02 [8][19]. Core Insights - The company is accelerating its globalization strategy, highlighted by the acquisition of Czech IMI, which will serve as a strategic foothold in Europe [3][13]. - The company has successfully secured new orders from major global clients such as BMW, Mercedes-Benz, and Ford, indicating strong demand for its new products and technologies [2][14]. - The company aims to enhance its overseas production capabilities and expand its market share in the automotive electronics sector [3][19]. Summary by Sections Investment Rating - The investment rating is maintained as "Buy" with a target price set at RMB 81.02, reflecting confidence in the company's growth potential [8][19]. Globalization Strategy - The company is focusing on strengthening its existing automotive electronic products while developing new domain control products. The recent acquisition of Czech IMI is a key part of this strategy, aimed at enhancing overseas production capabilities [3][13]. - The company has achieved significant results in promoting new products and technologies to European and American clients, with a notable increase in overseas sales [2][14]. Acquisition of Czech IMI - The company announced the acquisition of 100% of Czech IMI for EUR 9.426 million, which will enhance its international production layout and support the ramp-up of global orders [3][16]. - This acquisition is expected to allow the company to produce for global platform clients, including Volkswagen, Ford, BMW, and Mercedes-Benz, starting with lighting control products [3][17]. Financial Forecast - The company forecasts revenues of RMB 78.3 billion, RMB 101.5 billion, and RMB 125.6 billion for the years 2025 to 2027, with net profits of RMB 10.5 billion, RMB 14.38 billion, and RMB 18.37 billion respectively [5][19]. - The report maintains a PE target of 31 times for 2025, indicating a strong outlook for profitability [5][19].