IKD(SH:600933) 光大证券研究·2025-04-02 09:29Core Viewpoint - The company's 4Q24 performance fell short of expectations, with total revenue and net profit growth lower than previously forecasted, primarily due to exchange losses, rising raw material costs, and accounting adjustments [3][4]. Financial Performance - In 2024, the company's total revenue increased by 13.2% year-on-year to 6.75 billion yuan, while net profit rose by 2.9% to 940 million yuan, both below earlier predictions [3]. - For 4Q24, operating revenue was 1.77 billion yuan, reflecting a year-on-year increase of 2.9% and a quarter-on-quarter increase of 2.7%. However, net profit dropped by 37.4% year-on-year and 32.3% quarter-on-quarter to 200 million yuan [3]. Profitability Metrics - The company's gross margin for 2024 decreased by 1.4 percentage points to 27.6%, while the selling, general, and administrative (SG&A) expense ratio fell by 0.2 percentage points to 11.4% [4]. - In 4Q24, the gross margin declined by 5.7 percentage points year-on-year and 6.0 percentage points quarter-on-quarter to 23.7%, with the SG&A expense ratio decreasing by 3.5 percentage points year-on-year and 5.1 percentage points quarter-on-quarter to 8.3% [4]. Strategic Developments - The company is making steady progress in global deployment, with completed factories in Anhui and plans for production in Mexico and Malaysia to mitigate tariff risks. The first phase of the Mexican factory began production in July 2023 and has turned profitable, with the second phase expected to launch in 2Q25 [5]. - The company is entering the robotics sector through internal development and external acquisitions, including a planned acquisition of 71% of Zhuoerbo (Ningbo) Precision Electromechanical Co., which will enhance its automotive micro-motor technology and expand into robotics [5]. - A wholly-owned subsidiary, Shundong Robot Technology (Ningbo) Co., has been established to develop exoskeleton robots and wearable devices, indicating a commitment to expanding its technological capabilities [5].