IKD(600933) 财通证券·2024-11-14 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year growth in Q3 2024, with operating revenue reaching 4.974 billion yuan, an increase of 17.46%, and a net profit attributable to shareholders of 742 million yuan, up 24.13% [2] - The company is accelerating its business in the new energy and smart vehicle sectors, with a comprehensive product development strategy in place for key components such as electric drive systems, intelligent driving systems, and thermal management systems [4] - The company has established a global production layout, with new factories in Mexico and Malaysia set to enhance its production capacity for new energy vehicle components [4] Financial Performance - In Q3 2024, the company achieved operating revenue of 1.725 billion yuan, a year-on-year increase of 8.40%, and a net profit of 292 million yuan, up 44.74% [2] - The gross margin for Q3 2024 was 29.05%, reflecting a slight increase of 0.09 percentage points year-on-year [3] - The company expects net profits for 2024-2026 to be 1.099 billion, 1.343 billion, and 1.637 billion yuan, respectively, with corresponding P/E ratios of 14.24, 11.66, and 9.56 [5][6] Business Development - The company is focusing on expanding its market presence in the new energy vehicle sector, with a full coverage of aluminum alloy high-pressure die-casting products for various vehicle components [4] - The construction of the second phase of the factory in Mexico is set to begin production in Q2 2025, while the Malaysian production base is expected to complete its factory delivery by June 2024 [4]