IKD(SH:600933) Huachuang Securities·2025-08-29 10:45Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][18]. Core Views - The company reported a 6% year-on-year increase in revenue for the first half of 2025, reaching 3.45 billion yuan, and a 27% increase in net profit attributable to shareholders, amounting to 573 million yuan [2]. - The report highlights the company's strong performance in the second quarter of 2025, with revenue of 1.78 billion yuan, reflecting an 11% year-on-year growth, and a net profit of 316 million yuan, which is a 45% increase compared to the previous quarter [7]. - The company is expected to focus on the growth of its mid-to-large component segments and the development of its robotics business in 2025 [7]. Financial Performance - The company achieved a gross margin of 29.7% in the first half of 2025, benefiting from cost management and increased export sales [7]. - The report projects the company's net profit for 2025 to be adjusted to 1.2 billion yuan, reflecting a 27% growth, with further increases expected in subsequent years [8]. - The company's total revenue is forecasted to grow from 6.746 billion yuan in 2024 to 10.402 billion yuan by 2027, with a compound annual growth rate of 15.6% [8]. Business Development - The company is expanding its capabilities in large-scale die-casting, with significant improvements in self-manufacturing capabilities for molds over 2000 tons [7]. - A new wholly-owned subsidiary, Shun Dong Robotics, has been established to focus on the development and sales of robotics-related components and wearable equipment [7]. - The company aims to enhance its product offerings in the robotics sector, including humanoid robot components and exoskeleton products, with future production in its Mexican factory [7].