KDL(SZ:002850) Zhongyuan Securities·2025-08-20 12:02Investment Rating - The report assigns an "Accumulate" investment rating to the company for the first time, predicting a price-to-earnings ratio (PE) of 19.48 and 15.66 for the years 2025 and 2026 respectively based on the closing price of 128.43 yuan on August 19, 2025 [6][11][33] Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 6.645 billion yuan, a year-on-year increase of 22.01%, and a net profit of 769 million yuan, up 18.72% year-on-year. The growth is primarily driven by the increasing orders for precision structural components for power batteries due to industry growth [6][7][11] - The company is actively expanding into the humanoid robot sector, focusing on the development and production of key components such as precision reducers and joint modules, which is expected to create a second growth engine for the company [6][11][30] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 6.645 billion yuan, with a net profit of 769 million yuan, reflecting a year-on-year growth of 22.01% and 18.72% respectively. The operating cash flow decreased by 25.42% to 1.432 billion yuan [6][7][11] - The gross margin for the first half of 2025 was 22.87%, slightly down by 0.19 percentage points year-on-year, while the net profit margin was 11.53% [6][9][11] Market Position and Growth - The company specializes in precision structural components for lithium batteries, with a significant market share in the electric vehicle sector. The sales volume of lithium battery structural components has grown from 1.237 billion units in 2020 to 4.625 billion units in 2024, with a compound annual growth rate of 39.06% [6][7][11] - The global market for new energy vehicles is expected to continue its double-digit growth, with China's power battery market share increasing significantly, indicating a favorable environment for the company's growth [6][7][11] Strategic Initiatives - The company is investing in humanoid robotics, establishing partnerships to develop key components for this emerging market. This strategic move is anticipated to diversify revenue streams and enhance growth potential [6][11][30] - The company has established 16 production bases globally, with plans for further international expansion, including a new project in Hungary aimed at increasing production capacity for precision structural components [6][11][30]