KDL(SZ:002850) ZHONGTAI SECURITIES·2025-08-26 08:37Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company's performance in the first half of 2025 met expectations, with a revenue of 6.645 billion yuan, representing a year-on-year growth of 22.0%. The net profit attributable to the parent company was 769 million yuan, up 18.7% year-on-year [4]. - The company is actively expanding its production capacity for battery structural components and has established a strong customer base, including major players like CATL, Tesla, and LG. It is also investing in overseas production facilities to enhance its global supply chain [4]. - The company is positioning itself in the humanoid robotics sector through strategic partnerships and joint ventures, focusing on the development of key components for robots, which is expected to drive future growth [4]. Financial Summary - Revenue projections for the company are as follows: - 2023A: 10,511 million yuan - 2024A: 12,030 million yuan (14% growth) - 2025E: 15,399 million yuan (28% growth) - 2026E: 18,739 million yuan (22% growth) - 2027E: 22,695 million yuan (21% growth) [1][5]. - Net profit attributable to the parent company is projected to be: - 2023A: 1,201 million yuan - 2024A: 1,472 million yuan (23% growth) - 2025E: 1,868 million yuan (27% growth) - 2026E: 2,327 million yuan (25% growth) - 2027E: 2,853 million yuan (23% growth) [1][5]. - Earnings per share (EPS) estimates are: - 2024A: 5.38 yuan - 2025E: 6.83 yuan - 2026E: 8.51 yuan - 2027E: 10.43 yuan [1][5]. Market Position and Strategy - The company is enhancing its production capabilities in Europe and the U.S. to meet increasing market demand and improve service efficiency [4]. - It has received recognition as a gold supplier from Hive Energy and signed a strategic procurement framework agreement, indicating strong relationships with key clients [4]. - The company is also focusing on innovative lightweight products and has developed a cycloidal reducer for humanoid robots, which is currently undergoing testing and optimization with clients [4].