Core Insights - The company reported a revenue of 9.937 billion yuan for 2024, representing a year-over-year increase of 32.95%, and a net profit attributable to shareholders of 1.209 billion yuan, up 35.60% year-over-year [1] - The fourth quarter saw a revenue of 3.358 billion yuan, with a year-over-year growth of 41.80% and a quarter-over-quarter increase of 28.80% [1] Revenue and Profit Growth - The rapid growth in revenue is attributed to the quick ramp-up of electric control products, with Q4 sales of smart electric control products increasing by 48% year-over-year and 32% quarter-over-quarter, totaling 1.78 million sets [2] - The company added 40 and 22 new designated projects for EPB/WCBS, respectively, contributing to the revenue growth [2] Margin Improvement - The gross margin for 2024 was reported at 21.14%, with Q4 gross margin at 20.86%, which is expected to improve to approximately 22.2% after adjusting for warranty costs [3] - The net profit margin for 2024 increased by 0.2 percentage points year-over-year to 12.2% [3] Global Expansion - The company’s overseas revenue grew by 25.9% year-over-year to 1.09 billion yuan, with a gross margin of 31.9%, significantly higher than domestic operations [4] - The first phase of the Mexican factory has quickly reached production capacity, and the second phase is expected to support major North American automakers [4] Profit Forecast - The company maintains profit forecasts of 1.51 billion yuan and 1.93 billion yuan for 2025 and 2026, respectively, with an expected net profit of 2.42 billion yuan for 2027 [5] - A target price of 65.49 yuan is set for 2025, based on a PE ratio of 26.3 times [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.50 CNY, based on a projected PE ratio of 27 times for 2025 [3][6]. Core Insights - The company is experiencing significant growth in its smart electric control products, with new customer acquisitions contributing to this expansion [2]. - The financial performance for 2024 aligns with expectations, showing a revenue of 99.37 billion CNY, a year-on-year increase of 33.0%, and a net profit of 12.09 billion CNY, up 35.6% [9]. - The company is actively expanding its production capacity and exploring new markets, including intelligent driving and humanoid robotics [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 130.11 billion CNY, 159.62 billion CNY, and 196.98 billion CNY, respectively, with growth rates of 30.9%, 22.7%, and 23.4% [5]. - The net profit for the same period is forecasted to be 15.18 billion CNY, 18.63 billion CNY, and 22.98 billion CNY, reflecting growth rates of 25.6%, 22.8%, and 23.3% [3][5]. - The company’s gross margin is expected to stabilize around 22.0% to 22.5% from 2025 to 2027 [5]. Customer and Market Expansion - The company has successfully added eight new clients, including notable names in the North American market, bringing the total client count to 50 [9]. - The company is focusing on enhancing its product offerings and has a robust pipeline of projects, with 430 projects under research and 309 new projects entering mass production [9]. Production Capacity and Future Plans - The company plans to increase its production capacity significantly, including 100,000 sets per year for floating calipers and 150,000 sets for EPB calipers by 2025 [9]. - The company is also exploring mergers and acquisitions in the intelligent chassis and driving sectors to create business synergies [9].

据IPO早知道消息，智能底盘系统方案商「利氪科技」携最新智能底盘闪耀亮相2025上海车展， 以"让底盘思考，让智驾进化"为核心理念，推出全新版本IHB-LK®（One-box）线控制动系统及智能 底盘2.0核心产品,助力车企在智能化和电动化浪潮中实现品牌跨越。 本届车展上，利氪科技首发多版本 IHB-LK® （One-box）线控制动方案，可适配主机厂不同需求。 系统升级了全新软件架构，其中IHB-LK® GEN3.0可适配全地形等一系列特色功能，目前该功能已 完成全部测试验收，将于2025年中在国内头部车企搭载车型实现量产。 让底盘思考，让智驾进化。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 同时利氪科技积极响应主机厂自主可控的迫切需求，持续投入国产化方案研发，全栈自研 -100%国 产化线控制动IHB-LK® GEN4.0（One-box）方案也将于今年四季度实现量产。 此外 ，面向 即将进入的 智能 底盘 2.0 时代 ， 利氪科技 重磅 发布了 EMB 、线控转向等全新产 品， 系统 各项性能和参数 都具有领先 优势。至此，利氪科技成为了 业内暨率先 开 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company achieved a revenue of 9.937 billion yuan in 2024, representing a year-on-year growth of 33.0%, and a net profit of 1.209 billion yuan, up 35.6% year-on-year [7][9] - The company is focusing on expanding its electric control projects and advancing towards intelligent driving, with 430 projects under research and 309 new projects entering mass production in 2024 [3][9] - The company is expected to achieve revenues of 12.989 billion yuan, 16.527 billion yuan, and 21.085 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 1.539 billion yuan, 1.916 billion yuan, and 2.452 billion yuan [9] Financial Summary - Revenue and Profitability: The company reported a revenue of 7.474 billion yuan in 2023, with a projected increase to 9.937 billion yuan in 2024, and a net profit of 891 million yuan in 2023, expected to rise to 1.209 billion yuan in 2024 [1][7] - Profit Margins: The gross margin for 2024 is projected at 21.1%, a decrease of 1.4 percentage points year-on-year, while the net profit margin is expected to be 11.2% [2] - Earnings Per Share (EPS): The latest diluted EPS is projected to be 1.99 yuan in 2024, increasing to 2.54 yuan in 2025 [1][9] Market Position and Growth - The company is a leader in the chassis sector, with significant advancements in intelligent driving technologies and a strong focus on lightweight and electric control products [3][9] - The company has secured mass production contracts with major automotive manufacturers, indicating a robust market position [9]

营收端：轻量化、智能电控量产提速，助力全年营收高增。2024 年公司实现营收99.37 亿（同比 +33.0%），4Q24 公司实现营收33.58 亿（同/环比+41.8%/+28.8%）。1）分业务看，2024 年公司机械制 动/智能电控/机械转向业务营收同比分别+32%/+37%/+16%，盘式制动器/轻量化制动零部件/ 智能电控/ 机械转向产品销量同比分别+19%/+35%/+40%/+24%，盘式制动器/轻量化/EPB/WCBS/EPS/ADAS/机械 转向量产项目分别新增59/44/136/33/9/10/18 项；2）分客户看，2024年主要客户奇瑞/ 吉利/ 长安/ 理想销 量同比分别+37%/+32%/+4%/+33%（国内乘用车批售同比+5.8%）。 利润端：4Q24 调整后毛利率预计环比改善，全年利润率稳健。1）毛利率：因会计准则调整，公司于四 季度将全年保证类质保费用由销售费用计入营业成本。2024 年毛利率21.1%（同比-1.4pct），4Q24 毛 利率20.9%（同/环比-2.2pct/-0.7pct）。追溯调整后2024 年毛利率同比-0.7pct（预计受主机厂年降影 响），4 ...