IKD(600933) 东海证券·2024-09-02 12:30Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance is positively impacted by the increasing proportion of new energy vehicle products and its global capacity expansion [5][6] - The company has adjusted its profit forecast based on product structure and gross margin, expecting net profits of 1.041 billion, 1.305 billion, and 1.581 billion yuan for 2024-2026 [5] - The company is solidifying its position as a leader in the small and medium-sized parts industry while expanding into larger components related to new energy vehicles [6] Financial Summary - The company achieved a revenue of 32.49 billion yuan in H1 2024, a year-on-year increase of 23%, with a net profit of 4.50 billion yuan, up 14% [6] - The gross margin for H1 2024 was 28.68%, slightly down from the previous year, but expected to improve [5] - The company’s main revenue from automotive products grew by 25% year-on-year in H1 2024, while industrial products saw a decline of 9% [5] Profit Forecast - The company forecasts main revenue of 7.536 billion, 9.174 billion, and 10.889 billion yuan for 2024-2026, with corresponding EPS of 1.07, 1.33, and 1.62 yuan [4][5] - The expected PE ratios are 12X, 9X, and 8X for the same period [5] Market Position - The company is actively enhancing its production capacity in North America, Southeast Asia, and Europe, with significant projects underway in Mexico and Malaysia [5][6] - The share of revenue from new energy vehicle products has increased to over 30% in H1 2024, indicating a strong market trend [6]