IKD(SH:600933) Guoxin Securities·2025-11-07 12:16Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][22][3] Core Views - The company achieved a net profit of 322 million yuan in Q3 2025, representing a year-on-year growth of 10.36% and a quarter-on-quarter growth of 2.04%. Revenue for the same period was 1.86 billion yuan, up 7.9% year-on-year and 4.3% quarter-on-quarter. The growth is attributed to the company's ongoing upgrade of product structure towards integration and modularization, with the synergistic effects of its North American, European, and Southeast Asian production bases gradually becoming evident [1][7][19] - The completion of the acquisition of 71% of Zhaolbo's equity is expected to accelerate the company's industrial synergy layout, enhancing its dual-driven model of "automotive industry + robotics industry" [2][16] - The company is well-positioned to meet the increasing demand for lightweight components and large castings in the new energy vehicle era, while also accelerating its global business expansion [19][22] Financial Performance and Forecast - The company’s gross margin improved by 2.8 percentage points, reaching 32.59% in Q3 2025, with a year-on-year increase of 2.84 percentage points and a quarter-on-quarter increase of 2.85 percentage points. The sales, management, R&D, and financial expense ratios were 0.65%, 5.54%, 4.84%, and 1.08%, respectively [13][1][19] - The report projects net profits of 1.242 billion yuan, 1.518 billion yuan, and 1.799 billion yuan for the years 2025, 2026, and 2027, respectively, reflecting an upward revision from previous forecasts [3][22][4] - Key financial metrics for 2025 include revenue of 8.143 billion yuan, a net profit margin of 18.7%, and a return on equity (ROE) of 13.8% [4][24]