KDL(SZ:002850) Caixin Securities·2024-05-24 08:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is investing in a new production base in the United States to enhance its international competitiveness and market share [4][5] - The projected revenue growth for the company is robust, with expected revenues of 131.73 billion yuan in 2024, increasing to 191.61 billion yuan by 2026 [4][6] - The net profit attributable to shareholders is forecasted to grow from 14.54 billion yuan in 2024 to 20.66 billion yuan in 2026, indicating a strong upward trend in profitability [4][6] - The establishment of the U.S. base is expected to generate an annual output value of approximately 70 million USD once fully operational [5] Summary by Sections Investment Rating - Current price is 99.32 yuan with a market cap of 26,817.50 million yuan [1] Financial Projections - Main revenue is projected to grow from 86.54 billion yuan in 2022 to 105.11 billion yuan in 2023, reaching 131.73 billion yuan in 2024 [4][6] - Net profit attributable to shareholders is expected to rise from 9.01 billion yuan in 2022 to 12.01 billion yuan in 2023, and further to 14.54 billion yuan in 2024 [4][6] - Earnings per share (EPS) is forecasted to increase from 3.34 yuan in 2022 to 4.45 yuan in 2023, and to 5.38 yuan in 2024 [4][6] Strategic Developments - The company plans to invest up to 49 million USD in the U.S. base, which will be funded entirely by its own resources [5] - The U.S. base will serve as a key entry point for expanding into the American market, aligning with the company's global development strategy [5]