KDL(SZ:002850) 光大证券研究·2025-04-21 09:09Core Viewpoint - The company reported a strong performance in 2024, with significant revenue and profit growth, indicating effective cost reduction and efficiency improvement strategies [3][4][5]. Financial Performance - In 2024, the company achieved an operating revenue of 12.03 billion, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 1.472 billion, up 22.55% [3]. - For Q4 2024, the operating revenue was 3.438 billion, reflecting a year-on-year growth of 25.32% and a quarter-on-quarter increase of 9.25%. The net profit for the same period was 455 million, up 12.15% year-on-year and 23.58% quarter-on-quarter [4]. Profitability Enhancement - The company's gross margin for 2024 was 24.36%, an increase of 0.78 percentage points from the previous year, while the net margin was 12.2%, up 0.62 percentage points [5]. - In Q4 2024, the gross margin reached 27.26%, a quarter-on-quarter increase of 3.85 percentage points and a year-on-year increase of 2.98 percentage points [5]. Business Expansion - The company is entering the robotics sector through a partnership with Taiwanese firms, establishing a new company focused on high-precision reducers, showcasing rapid technological iteration and strong R&D capabilities [6]. - The company has set up overseas production bases in Germany, Sweden, and Hungary, with ongoing developments in the US and Malaysia, aiming to enhance local production capabilities [7].