IKD(SH:600933) ZHONGTAI SECURITIES·2025-10-30 03:49Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of 15% or more against the benchmark index over the next 6 to 12 months [3][11]. Core Views - The company has demonstrated steady revenue growth, achieving a revenue of 5,310 million yuan in the first three quarters of 2025, representing a year-on-year increase of 6.75%. The net profit attributable to the parent company reached 895 million yuan, up 20.70% year-on-year [5]. - The report highlights the company's strong positioning in the automotive and robotics sectors, with significant advancements in production capabilities and market expansion, particularly in North America and Europe [8]. - The company is expected to maintain robust growth in revenue and profit, with projected revenues of 7,962 million yuan, 10,353 million yuan, and 12,099 million yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 18%, 30%, and 17% [3][8]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 5,310 million yuan, with a gross margin of 30.42%, an increase of 1.37 percentage points year-on-year. The net profit attributable to the parent company was 895 million yuan, with a year-on-year growth of 20.70% [5]. - In Q3 2025, the company achieved a revenue of 1,860 million yuan, with a gross margin of 32.59%, reflecting a quarter-on-quarter increase of 2.84 percentage points [5][6]. Market Positioning - The company has expanded its global customer base, particularly in North America and Europe, benefiting from local production capabilities established in Mexico and Malaysia. This strategic positioning has enhanced its competitiveness and reduced logistics costs [7][8]. - The report emphasizes the company's ability to leverage its automotive lightweighting capabilities in the robotics sector, potentially allowing it to capture significant market share in the robotics supply chain [8]. Profitability and Valuation - The company's profitability is expected to improve, with projected net profits of 1,204 million yuan, 1,501 million yuan, and 1,740 million yuan for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 28%, 25%, and 16% [3][8]. - The report maintains the company's valuation metrics, with a projected P/E ratio of 19.4 for 2025, decreasing to 13.4 by 2027, reflecting an attractive investment opportunity [3][8].