KDL(002850) 东吴证券·2024-08-18 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 performance met expectations, with revenue of 5.4 billion yuan, a year-on-year increase of 11%, and a net profit attributable to shareholders of 650 million yuan, up 27% year-on-year [3] - The revenue from lithium battery structural components increased by 11.6% year-on-year, with stable market share, and is expected to grow by approximately 15% for the full year [3] - Cost reduction measures have been effective in offsetting raw material price increases, and there remains potential for further cost reductions in Q3 [3] - The company has maintained good expense control, with a significant increase in operating cash flow [3] Financial Forecasts and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 1.38 billion, 1.66 billion, and 2.02 billion yuan respectively, reflecting a year-on-year growth of 15%, 20%, and 21% [4] - The target price is set at 102 yuan, based on a 20x PE for 2024 [4] - The company's revenue is projected to reach 12.39 billion yuan in 2024, with a year-on-year growth of 17.88% [2][4]