KDL(002850) 国信证券·2024-04-18 09:02Investment Rating - The report gives an "Accumulate" rating for the company, marking the first coverage of the stock [5][2]. Core Views - The company is a leader in the lithium battery structural components industry, benefiting from the trend of mass production of large cylindrical batteries. The structural components play a crucial role in battery safety and performance [1][2]. - The global market for lithium battery structural components is projected to reach approximately 52.9 billion yuan by 2028, with a compound annual growth rate (CAGR) of 5.6% from 2024 to 2028 [1][27]. - The company has demonstrated significant revenue and profit growth, with a revenue of 10.51 billion yuan in 2023, a year-on-year increase of 21.5%, and a net profit of 1.201 billion yuan, up 33.5% year-on-year [1][15]. Summary by Sections Company Overview - The company has been focused on the research and manufacturing of precision structural components for nearly 30 years and has established itself as a domestic industry leader [9]. - The main products include lithium battery structural components and automotive structural components, serving major clients like CATL, BYD, LG Energy, and Panasonic [13][14]. Market Analysis - The structural components account for about 10% of the battery cost, with the market for lithium battery structural components expected to grow significantly due to the increasing demand for electric vehicles and energy storage [21][27]. - The company holds a market share of approximately 28-33% in the global lithium battery structural components market, with a leading position in square battery components [29]. Financial Performance - The company achieved a revenue compound annual growth rate (CAGR) of 74.3% from 2020 to 2023, with net profit CAGR of 88.6% during the same period [1][15]. - The projected net profits for 2024, 2025, and 2026 are 1.29 billion yuan, 1.4 billion yuan, and 1.483 billion yuan, respectively, indicating continued growth [2][3]. Cost Control and Client Structure - The company has a strong cost control mechanism, with gross margins for structural components significantly higher than those of competitors, attributed to improved operational efficiency and automation [31]. - The client structure is robust, with the top five clients contributing 75-85% of revenue, indicating a high level of customer loyalty and stability [31].