Key Points Summary of KedaLi's Conference Call Company Overview - KedaLi reported a revenue of 6.65 billion yuan in the first half of 2025, representing a year-on-year growth of 22% with a net profit margin of approximately 10%-11% [2][6] - The company expects a full-year revenue growth of 25%, reaching over 14 billion yuan, with net profit projected to maintain at 12%, amounting to 1.7-1.8 billion yuan [2][22] Industry Insights - The structural components market is projected to be around 45-50 billion yuan in 2025, with an expected growth of over 20% in 2026 [17] - KedaLi holds a market share of over 50% in the domestic market and approximately 30%-40% globally in the lithium battery structural components sector [3] Business Segments Structural Components - KedaLi's structural components business benefits from market growth and stable market share, maintaining leading profitability [2] - High-end cover plates constitute a significant portion of revenue, with strong profitability [2][20] - The company has a diversified and high-quality customer base, with CATL accounting for about 35%-40% of KedaLi's revenue [2][20] Robotics Business - KedaLi has made significant progress in its robotics business, focusing on harmonic reducers and lightweight products [4][5] - The company has developed multiple products, including aluminum-steel alloy reducers and PEEK material harmonic reducers, targeting the lightweight needs of humanoid robots [8][9] - The second-generation PICO product has been successfully developed, achieving a weight reduction of 60% and a torque-to-weight ratio improvement of over 70% [9] Financial Performance - KedaLi's financial performance is robust, with a projected revenue of approximately 12 billion yuan in 2024, a 14% year-on-year increase [6] - The company anticipates a revenue of around 14.7 billion yuan in 2025, with profits between 1.7 billion and 1.8 billion yuan [22] Future Valuation and Market Expectations - KedaLi's structural business is expected to generate profits exceeding 2.2 billion yuan by 2026, with a corresponding valuation of 50-55 billion yuan [7] - The robotics business is estimated to have a valuation of at least 30 billion yuan, leading to a total target market valuation of 70-80 billion yuan [7] Competitive Advantages - KedaLi's cost advantages stem from high capacity utilization, local factory setups, and superior production efficiency, leading to transportation cost savings of 2%-3% [19] - The company has established a strong foundation with top-tier clients, including Tesla, enhancing its competitive position in the robotics sector [5][14] R&D and International Expansion - KedaLi invests significantly in R&D, allowing for early engagement with downstream clients and securing higher project shares [21] - The company has established production facilities in Hungary, Sweden, and Germany, with plans for a factory in Malaysia by 2026 and ongoing U.S. expansion [21] Conclusion - KedaLi is well-positioned for future growth, with a strong focus on innovation in both structural components and robotics, supported by a solid financial foundation and strategic international expansion plans [22]