KDL(SZ:002850) Huafu Securities·2025-08-12 05:11Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is a leading player in the precision structural components industry, with a strong focus on lithium battery and automotive structural components, maintaining approximately 95% revenue contribution from lithium battery structural components [2][3]. - The company is expected to achieve revenue of 12.03 billion yuan in 2024, representing a year-on-year growth of 14.4%, and a net profit of 1.47 billion yuan, up 22.5% year-on-year [2]. - The report highlights the company's robust growth potential in the lithium battery structural components market, driven by the increasing demand from the new energy vehicle and energy storage sectors, with a projected annual compound growth rate of 17% for global new energy vehicle sales from 2024 to 2030 [3][33]. Summary by Sections 1. Company Overview - The company has nearly 30 years of experience in the precision structural components industry, focusing on lithium battery and automotive structural components [2][14]. - The company has established a strong business foundation and is actively expanding its production capacity both domestically and internationally, with new production bases in Germany, Sweden, and Hungary [15][21]. 2. Market Growth and Competitive Advantages - The lithium battery structural components market is expected to maintain high growth, supported by the dual drivers of power and energy storage [31][37]. - The company possesses significant competitive advantages, including strong customer customization, distributed production capacity close to core clients, and a commitment to R&D with over 20% of its workforce dedicated to research [3][65]. 3. Robotics Sector Expansion - The company is actively entering the robotics sector through partnerships, establishing joint ventures to develop harmonic reducers and joint modules [4][81]. - The robotics market is anticipated to experience substantial growth, with supportive government policies and increasing demand for humanoid robots [71][77]. 4. Financial Projections and Investment Recommendations - Revenue projections for 2025-2027 are 14.81 billion, 17.81 billion, and 21.42 billion yuan, with corresponding net profits of 1.77 billion, 2.17 billion, and 2.69 billion yuan, indicating strong growth potential [4][5]. - The report emphasizes the company's strong R&D capabilities and business foundation, suggesting that it is well-positioned to expand its market share and explore high-growth opportunities in the robotics sector [4][65].