Core Viewpoint - Aikodi (600933.SH) announces a share buyback plan to enhance investor confidence and improve corporate governance, with a total buyback amount between 100 million and 200 million RMB, at a maximum price of 24.17 RMB per share [1][2][3] Financial Performance - In Q1 2025, Aikodi achieved revenue of 1.666 billion RMB, a year-on-year increase of 1.41%, and a net profit of 257 million RMB, up 10.94% [1][5] - The total assets of Aikodi as of March 31, 2025, were 14.92 billion RMB, reflecting a 4.5% increase from the previous year [2][3] - Cumulative cash dividends since its listing in 2017 amount to 1.774 billion RMB, with a dividend payout ratio of 38.5% [1][3] Share Buyback Details - The buyback will utilize self-owned or self-raised funds through the Shanghai Stock Exchange, with an estimated repurchase of approximately 4.1374 million to 8.2747 million shares, representing 0.42% to 0.84% of the total share capital [2][3] - The buyback price is set to be 55.63% higher than the current market price of 15.53 RMB per share [2] Business Growth and Strategy - Aikodi's revenue for 2024 was 6.746 billion RMB, a 13.24% increase year-on-year, and net profit was 940 million RMB, up 2.86% [5] - The company has been focusing on technological innovation and global expansion, achieving significant business progress, including the successful launch of the 500,000th five-in-one electric drive housing [5][6] - Aikodi has consistently increased its R&D expenditure, reaching 348 million RMB in Q1 2025, with a total of 1.146 billion RMB over the past five years [6] Patent and Innovation - Aikodi has obtained a total of 137 valid authorized patents, including 74 invention patents, indicating a strong focus on innovation [6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5]. Core Insights - The company achieved a revenue of 6.746 billion yuan in 2024, representing a year-on-year growth of 13.24%. The net profit attributable to the parent company was 940 million yuan, up 2.86% year-on-year [1]. - In Q1 2025, the company reported a revenue of 1.666 billion yuan, a 1.41% increase year-on-year, and a net profit of 257 million yuan, which is a 10.94% increase year-on-year [1]. - The company has made significant advancements in its production capabilities, including the successful launch of its 500,000th five-in-one electric drive shell and the internalization of the electrophoresis process for its 48V project [2]. - The company is expanding its global footprint with the completion of various factories, including those in Malaysia and Mexico, which are expected to enhance its production capacity and support market expansion [2]. - The report projects net profits for 2025-2027 to be 1.263 billion yuan, 1.522 billion yuan, and 1.799 billion yuan respectively, with corresponding P/E ratios of 13.0, 10.8, and 9.1 [3]. Financial Summary - The company’s revenue is forecasted to grow from 5.957 billion yuan in 2023 to 11.059 billion yuan in 2027, with a compound annual growth rate (CAGR) of 15.79% [4]. - The EBITDA is expected to increase from 1.733 billion yuan in 2023 to 3.086 billion yuan in 2027, indicating a strong growth trajectory [4]. - The net profit attributable to the parent company is projected to grow significantly, with a forecast of 1.263 billion yuan in 2025, reflecting a growth rate of 34.44% compared to 2024 [4].