证券日报网讯12月16日，科达利（002850）在互动平台回答投资者提问时表示，固态电池因其技术特 性，对结构件的耐高温、耐压性、尺寸精度等性能指标提出了更高要求。公司在相关领域布局较早，具 备相关技术储备，并与多家固态电池厂家建立了合作。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its market position and growth potential [5]. Core Insights - The company reported a revenue of 10.603 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 23.41%. The net profit attributable to shareholders reached 1.185 billion yuan, up 16.55% year-on-year, with a non-recurring net profit of 1.129 billion yuan, increasing by 14.53% year-on-year [1][2]. - The company's Q3 performance showed a revenue of 3.959 billion yuan, a year-on-year increase of 25.81%, and a net profit of 415 million yuan, up 12.75% year-on-year. The gross margin for Q3 was 23.65%, slightly up by 0.22 percentage points year-on-year [1][2]. - The company has demonstrated strong profitability resilience, driven by the growth in electric vehicle sales and the increasing demand for precision structural components for power batteries. Internal management improvements have also contributed to cost reduction and operational efficiency [2][3]. Financial Performance Summary - For 2025, the company is projected to achieve revenues of 15.304 billion yuan, with a growth rate of 27.2%. The net profit attributable to shareholders is expected to be 1.800 billion yuan, reflecting a growth rate of 22.3% [4][8]. - The forecast for 2026 and 2027 shows continued growth, with revenues of 19.184 billion yuan and 23.322 billion yuan, respectively, and net profits of 2.240 billion yuan and 2.723 billion yuan [4][8]. - The company's PE ratios are projected to decrease from 31 in 2024 to 17 in 2027, indicating an improving valuation as earnings grow [4][8]. Strategic Developments - The company is expanding its global footprint, optimizing its overseas operations. Adjustments in project locations in North America and Southeast Asia aim to enhance local service capabilities and operational efficiency [3]. - The company has significantly increased its patent portfolio, with 162 new patents granted this year, marking an 800% increase year-on-year, which strengthens its technological advantage in the power battery structural component sector [2][3].

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating to Jinyang Co., Ltd. (301210.SZ) based on its leading position in the domestic cylindrical battery structural components market and its strategic investment in Guohua Intelligent, which is venturing into the robotics sector to create a second growth curve [2] - The report highlights that the era of robotics has arrived, and the company's investment in Guohua is expected to achieve synergy in technology and customer base, thereby establishing a new growth driver [2] - The revenue growth rate of new structural components is outpacing the industry average, with expectations for improved profitability through cost reduction and efficiency enhancement [2] - The stable growth of nickel-based conductor materials, along with declining raw material prices, is anticipated to boost the gross profit margin [2]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leader in precision structural components for cylindrical batteries and is expanding into the robotics sector through an investment in Guohua Intelligent, aiming to create a second growth curve [2][3]. - The company has maintained a market share of over 25% in the domestic cylindrical battery structural component market for 24 years and is expected to achieve a revenue of 1.365 billion yuan in 2024, a year-on-year increase of 23% [2][3]. - The company is positioned to benefit from the growing demand in the humanoid robot market, with projections of 3 million units sold globally by 2030 [3]. Financial Summary - The company's total revenue is projected to grow from 1.11 billion yuan in 2023 to 2.56 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20% [1]. - The net profit attributable to the parent company is expected to decline to 56.26 million yuan in 2024 but is projected to rebound significantly to 127.46 million yuan by 2027 [1]. - The earnings per share (EPS) is forecasted to decrease from 0.53 yuan in 2023 to 0.35 yuan in 2025, before rising to 1.11 yuan in 2027 [1]. Business Segments - The cylindrical battery structural components segment is expected to generate 8.3 billion yuan in revenue in 2024, reflecting a year-on-year growth of 37.2% [4][52]. - The company has established partnerships with leading manufacturers such as Yiwei, Dongci, and CATL, which is expected to enhance its market share further [4][55]. - The nickel-based conductor materials segment is projected to grow steadily, with a revenue increase of 5-10% anticipated in 2025 [9]. Robotics Sector - The company has entered the humanoid robotics market by acquiring a 10.37% stake in Guohua Intelligent, which specializes in harmonic reducers and has secured orders from leading robot manufacturers [3][4]. - The collaboration with Guohua Intelligent is expected to create synergies in technology and customer base, positioning the company as a key supplier in the robotics components market [3]. Market Outlook - The global cylindrical battery market is projected to reach a demand of 128.2 billion units in 2024, with a year-on-year growth of 3.6% [40][49]. - The company anticipates that the cylindrical structural components market will reach over 9 billion yuan in 2025, with sustained growth of over 10% in subsequent years [49].

Group 1 - The core viewpoint of the report is that Keda Li (002850.SZ) is rated as a buy due to its expected steady growth in revenue and net profit in the first half of 2025 [2] - The report highlights that Keda Li's net profit is expected to grow rapidly year-on-year in Q2 2025, while remaining stable quarter-on-quarter [2] - The company is focusing on serving leading enterprises both domestically and internationally, while continuously advancing its capacity construction [2] - Keda Li is expanding into the humanoid robot joint component business, aiming to create a second growth curve [2]