KDL(SZ:002850) Bank of China Securities·2025-11-06 23:56Investment Rating - The report maintains a rating of "Accumulate" for the company [2][6]. Core Insights - The company reported a net profit attributable to shareholders of RMB 1.185 billion for the first three quarters of 2025, representing a year-on-year growth of 16.55%. The main business profitability remains stable, and capacity construction is progressing steadily, with a strong market position being reinforced. The humanoid robot market is expected to gradually open up [4][9]. - The company has adjusted its earnings forecast for 2025-2027, estimating earnings per share (EPS) of RMB 6.25, 8.13, and 9.87 respectively, with corresponding price-to-earnings ratios of 26.7, 20.5, and 16.9 times [6][8]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of RMB 10.603 billion, a year-on-year increase of 23.41%. The gross profit margin was 11.11%, remaining stable compared to the previous year [9][10]. - The company’s operating cash flow for the first three quarters was RMB 1.929 billion, up 7.89% year-on-year, indicating strong cash flow performance [9]. Business Development - The company is actively expanding its overseas production capacity, with projects in Hungary, the United States, and Thailand progressing as planned. This is expected to contribute to revenue growth in the future [9]. - The company is focusing on the humanoid robot sector, with R&D expenses reaching RMB 587 million, a 29.90% increase year-on-year, reflecting its commitment to technological development [9]. Valuation Metrics - The report provides updated financial projections, with expected revenues of RMB 14.816 billion, 17.832 billion, and 20.962 billion for 2025, 2026, and 2027 respectively, indicating a growth rate of 23.2%, 20.4%, and 17.6% [8][11]. - The estimated price-to-earnings ratios for the next three years are projected to decrease, indicating a potentially attractive valuation for investors [6][8].