IKD(SH:600933) Guoxin Securities·2025-06-10 15:27Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3][60] Core Views - The company has received approval from the Shanghai Stock Exchange for the acquisition of 71% of Zhuoerbo Precision Electromechanical Co., Ltd. and plans to raise supporting funds through a share issuance [2][5] - Zhuoerbo's performance commitments for 2025, 2026, and 2027 are net profits of no less than 141.5 million, 156.9 million, and 174.1 million yuan respectively, which are expected to enhance the company's profits by 111 million and 123 million yuan in 2026 and 2027 [3][16] - The company reported a steady revenue growth of 1.41% year-on-year in Q1 2025, achieving a revenue of 1.666 billion yuan and a net profit of 257 million yuan, which is a 10.94% year-on-year increase [3][21] - The company is focusing on expanding its product categories, enhancing production capacity, and transitioning into the embodied intelligence field, with three main growth paths: main business, new categories, and instant robots [3][51] Summary by Sections Financial Performance - The company achieved a revenue of 1.666 billion yuan in Q1 2025, a year-on-year increase of 1.41%, and a net profit of 257 million yuan, reflecting a 10.94% year-on-year growth [3][21] - The projected revenues for 2025, 2026, and 2027 are 8.143 billion, 9.914 billion, and 11.670 billion yuan respectively, with year-on-year growth rates of 20.7%, 21.7%, and 17.7% [3][60] - The projected net profits for the same years are 1.113 billion, 1.373 billion, and 1.646 billion yuan, with year-on-year growth rates of 18.4%, 23.4%, and 19.9% [3][60] Business Strategy - The company is actively expanding its product lines and enhancing its capabilities in the automotive lightweight and electric vehicle sectors, with a focus on large components and magnesium alloy products [49][51] - The acquisition of Zhuoerbo is seen as a strategic move to enhance product offerings and achieve synergy between the two companies [51] - The company is also investing in the robotics sector, establishing a subsidiary focused on embodied intelligence products and components [51][52] Market Position - The company has a strong governance structure and quality customer resources, which contribute to its leading profitability in the industry [43][45] - The company’s products cater to the growing demand for lightweight and electric vehicle components, positioning it well for future growth [49][51]