Core Viewpoint - Huafu Securities research report highlights Keda Li as a leader in lithium battery structural components, entering the robotics sector for its second venture [1] Company Overview - The company's main business includes lithium battery structural components and automotive structural components, with lithium battery structural components accounting for approximately 95% of revenue [1] - Keda Li has been deeply engaged in the precision structural component industry for nearly 30 years, showcasing strong R&D capabilities and a solid business foundation [1] Product Development - In April 2025, the subsidiary Kemon will officially launch seven new core transmission technology products for robots, focusing on lightweight, compact structure, torque-to-weight ratio, high precision, and high load stability [1] - Future product sampling and targeted progress are anticipated to be promising [1] Market Expansion - The company aims to further expand its market share through overseas bases [1] - The mid-term growth potential of core components for humanoid robots, such as harmonic reducers and joint modules, is expected to provide additional valuation flexibility [1] Investment Rating - The report initiates coverage with a "Buy" rating for Keda Li [1]

Core Insights - The company reported a revenue of 12.03 billion yuan for 2024, representing a year-on-year growth of 14.44%, and a net profit attributable to shareholders of 1.472 billion yuan, up 22.55% year-on-year [1] - In Q4 2024, the company achieved a revenue of 3.438 billion yuan, a year-on-year increase of 25.32% and a quarter-on-quarter increase of 9.25%, with a net profit of 455 million yuan, up 12.15% year-on-year and 23.58% quarter-on-quarter [1] Revenue and Profitability - The lithium battery structural components business generated a revenue of 11.473 billion yuan in 2024, with a year-on-year growth of 14% and an improved gross margin of 25.01%, up 0.9 percentage points [2] - The overall expense ratio decreased by 0.53 percentage points to 9.4%, leading to an increase in net profit margin to 12.2% for the year [2] International Expansion - The company has made significant progress in overseas capacity building, achieving a revenue of 574 million yuan from international markets, a year-on-year increase of 7.37% [3] - Facilities have been established in Sweden, Germany, and Hungary, with ongoing expansions in the U.S. and Malaysia, enhancing supply chain relationships and reducing logistics costs [3] Robotics Business Development - The company has partnered with Taiwanese firms to develop humanoid robotics, focusing on the research and production of harmonic reducers [4] - In April 2024, the company launched seven new core transmission technology products for robots, targeting lightweight design, compact structure, torque-to-weight ratio, and high precision & load stability [4] Future Projections - Revenue forecasts for 2025-2027 are 14.4 billion, 17.28 billion, and 20.87 billion yuan, with year-on-year growth rates of 19.7%, 20.0%, and 20.7% respectively [5] - Projected net profits for the same period are 1.81 billion, 2.17 billion, and 2.66 billion yuan, with growth rates of 22.8%, 19.8%, and 22.8% respectively, indicating a three-year CAGR of 21.8% [5] - Earnings per share (EPS) are expected to be 6.6, 7.9, and 9.7 yuan, with price-to-earnings (PE) ratios of 20, 17, and 14 times [5]

Core Insights - KedaLi (002850) recently hosted a research meeting with 22 institutions, showcasing its subsidiary Kema Innovation's new series of robotic core transmission technologies [1][2] - Kema Innovation focuses on core transmission systems for robots, emphasizing high performance, specialized development support, and cost reduction capabilities [1][4] - The humanoid robot industry is still in its early stages, with Kema Innovation planning to develop products based on customer needs and gradually improve product performance [1][3] Company Overview - Kema Innovation launched new robotic core transmission technologies at the Second High-Performance Humanoid Robot Technology Application Summit in Shanghai, providing efficient solutions for industrial automation, smart manufacturing, and healthcare [2] - The company aims to become a global leader in key robotic components, integrating domestic resources with Taiwanese precision manufacturing technology [4] Product Strategy and Development - Kema Innovation's product strategy focuses on refining product performance and collaborating with customers for customized development, transitioning from customization to standardization as market demand becomes clearer [7] - The company has released seven new robotic core transmission products, targeting lightweight, high integration, high torque, and intelligent safety [5] Material and Technology - PEEK materials are utilized in high-precision gears and components, offering advantages such as lightweight, low noise, and long lifespan, although they face challenges in processing and cost [9] - Kema Innovation currently uses domestically sourced PEEK materials, which allows for optimization in performance and weight reduction while mitigating supply chain risks [9][10] Competitive Advantages - Kema Innovation's new involute gear differential gearbox addresses the shortcomings of traditional harmonic reducers, enhancing load capacity and rigidity while reducing weight [10] - The company benefits from KedaLi's strong financial backing and market network, facilitating rapid market entry and supporting R&D investments [6] Market Position and Future Outlook - KedaLi's overseas business constitutes less than 5% of total revenue, with minimal impact from U.S. tariffs, allowing the company to focus on high-end manufacturing and emerging industries [11][12] - The company plans to optimize global capacity, enhance technological innovation, and diversify its product line to improve competitiveness [12]