IKD(SH:600933) Mai Gao Zheng Quan·2025-09-23 12:32Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 28.91 CNY based on a projected PE of 19.0x for 2025 [3][4]. Core Insights - The company is positioned as a leading player in the domestic automotive aluminum alloy die-casting market, with a stable main business and high certainty of profit growth following the acquisition of Zhuoerbo. The future expansion into humanoid robotics is expected to broaden the company's growth potential [1][2]. - The aluminum die-casting market is anticipated to double in size, driven by the increasing demand for lightweight materials in the automotive sector, particularly in the context of the growing new energy vehicle (NEV) industry [1][2]. Summary by Sections 1. Core Business and Profit Growth - The company primarily engages in the R&D, production, and sales of aluminum and zinc alloy precision die-casting parts, with the automotive die-casting segment accounting for 96.47% of revenue in 2024 [13][16]. - The company has experienced rapid revenue growth, with a CAGR of 28.14% from 2021 to 2024, and a projected revenue of 79.51 billion CNY for 2025 [16][40]. 2. Market Dynamics and Growth Potential - The automotive aluminum die-casting market is expected to see significant growth due to the lightweighting trend, particularly in NEVs, with the domestic market projected to reach 3000-4000 billion CNY by 2025 [1][45]. - The company is actively expanding its product offerings to include larger die-casting components, which will enhance the value per vehicle and drive revenue growth [2][57]. 3. Strategic Acquisitions and Future Ventures - The acquisition of Zhuoerbo is aimed at entering the micro-motor sector, enhancing the company's capabilities in producing precision components for both NEVs and robotics [2][3]. - The establishment of a subsidiary focused on humanoid robotics is expected to capture growth opportunities in lightweight structural components and motor stators [2][3]. 4. Financial Projections and Valuation - Revenue projections for 2025-2027 are 79.51 billion CNY, 105.02 billion CNY, and 127.12 billion CNY, with corresponding net profits of 11.74 billion CNY, 14.89 billion CNY, and 18.76 billion CNY [3][4]. - The company's PE ratios are projected to decrease from 19.0x in 2025 to 12.5x in 2027, indicating potential for valuation improvement [3][4].