KDL(002850) 新浪财经·2025-04-26 00:34Core Insights - The company reported Q1 2025 earnings with revenue of 3.02 billion yuan, a year-on-year increase of 20.5%, and a net profit attributable to shareholders of 253 million yuan, up 19.5% year-on-year [1] Operational Analysis - The company's gross margin stood at 22.2%, remaining flat year-on-year but down 5 percentage points quarter-on-quarter, primarily due to a decline in utilization rates. The expense ratio was 9.16%, up 0.1 percentage points year-on-year but down 1.7 percentage points quarter-on-quarter. Credit impairment reversals amounted to 20 million yuan, with other income at 23 million yuan. The net profit margin, excluding non-recurring items, was 11.68%, down 0.1% year-on-year and 1.7% quarter-on-quarter [2] - The impact of tariffs is limited, with the main business gradually expanding overseas. The company is actively developing a second growth curve in robot components. It is expected that the overseas base will see growth rates exceeding overall business growth by 2025, potentially turning profitable. Recently, the company launched seven new core transmission technology robots, focusing on lightweight and high performance, and has established a product matrix including harmonic reducers and intelligent joint modules, continuing customer sample testing [2] - Looking ahead, the company anticipates that revenue growth in the main business for 2025 will exceed last year's levels, with industry price declines expected to be weaker than in 2024. The company remains optimistic about profit margin resilience, with the robot business expected to contribute tens of millions in revenue [2] Profit Forecast, Valuation, and Rating - As a global leader in structural components, the company maintains its leading position with stable profitability validated by performance. The expansion into robot components is viewed positively as a second growth curve. The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 1.81 billion, 2.08 billion, and 2.36 billion yuan, respectively, corresponding to price-to-earnings ratios of 20, 18, and 16 times. The rating is maintained as "Buy" with a strong recommendation [3]