IKD(SH:600933) 东吴汽车黄细里团队·2025-05-02 15:31Core Viewpoint - The company reported a slight revenue increase in Q1 2025, with strong profitability and a successful acquisition of 卓尔博, which is expected to enhance future earnings growth [2][3][4]. Financial Performance - In Q1 2025, the company's revenue reached 1.666 billion yuan, a year-on-year increase of 1.41% but a quarter-on-quarter decrease of 5.99%. The net profit attributable to the parent company was 257 million yuan, up 10.94% year-on-year and 30.11% quarter-on-quarter [2]. - The gross margin for Q1 2025 was 28.73%, a decrease of 0.94 percentage points year-on-year but an increase of 5.01 percentage points quarter-on-quarter. The net profit margin was 15.45%, up 1.33 percentage points year-on-year and 4.29 percentage points quarter-on-quarter [3]. Acquisition Details - The acquisition of 卓尔博 involved a total transaction price of 1.118 billion yuan for 71% equity, with 500 million yuan in cash and 615 million yuan in stock. The stock will be locked for 12 months and released in three phases based on performance commitments [4]. - 卓尔博's 2024 revenue is projected to be 1.051 billion yuan, a year-on-year increase of 23.55%, with a net profit of 154 million yuan, reflecting a net profit margin of 14.63% [4]. Business Expansion - The company's Mexican factory began production in July 2023 and is expected to turn profitable in 2024, with a second phase set to launch in Q2 2025. The company is also focusing on magnesium alloy technology for automotive lightweighting and robotics [6]. - The expansion into magnesium alloys and robotics is anticipated to provide new growth momentum for the company in the long term [6]. Earnings Forecast - The company's net profit forecasts for 2025-2027 have been adjusted to 1.190 billion yuan, 1.486 billion yuan, and 1.778 billion yuan, respectively, with corresponding EPS of 1.21 yuan, 1.51 yuan, and 1.81 yuan [7].