KDL(002850) 华鑫证券·2024-07-17 09:00Investment Rating - The report maintains a "Buy" rating for the company Keda Li (002850.SZ) [2] Core Views - The company reported strong performance in Q2, showcasing resilience in profitability, with expected net profit for Q2 2024 projected between 610 million to 680 million yuan, representing a year-on-year growth of 19.9% to 33.65% [2][3] - The growth is attributed to sustained high demand in downstream markets, particularly in the power and energy storage battery sectors, with China's power battery sales reaching 318.1 GWh in the first half of 2024, a year-on-year increase of 26.6% [2] - The company is accelerating its global capacity layout, having established 13 production bases in key regions of China's lithium battery industry and plans to invest up to 49 million USD in a new production base in the U.S. [2][3] Summary by Sections Financial Performance - The company expects to achieve a net profit of 3.01 to 3.71 billion yuan in Q2 2024, with a non-recurring net profit of 2.95 to 3.65 billion yuan, both showing significant year-on-year growth [2] - The net profit for 2024, 2025, and 2026 is projected to be 14 billion, 18 billion, and 21 billion yuan respectively, with corresponding EPS of 5.25, 6.55, and 7.90 yuan [4][5] Market Position and Strategy - The company has established a strategic production base close to major clients, reducing logistics costs and enhancing service efficiency, with clients including leading battery and automotive manufacturers [2] - The report highlights the company's ongoing efforts to reduce costs and improve operational efficiency, contributing to stable profit growth despite a challenging industry backdrop [2] Future Outlook - The company is expected to continue its robust growth trajectory, with revenue projected to increase from 10.51 billion yuan in 2023 to 19.07 billion yuan by 2026, reflecting a compound annual growth rate of 19% [4][5] - The report emphasizes the company's strong competitive advantages and stable growth prospects, reinforcing the positive outlook for its long-term development [2][3]