LY iTECH(002600) Minsheng Securities·2024-12-09 04:15Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company is acquiring a 66.46% stake in Jiangsu Keda to accelerate its automotive business, which is expected to enhance its product matrix in the automotive sector [2]. - Jiangsu Keda specializes in automotive interior and exterior decorative parts, with a strong customer base including major automotive manufacturers [2]. - The company's automotive business has shown significant growth, with a revenue increase of 42.88% year-on-year in the first half of 2024 [2]. - The projected net profits for the company for 2024, 2025, and 2026 are estimated at 2.003 billion, 3.286 billion, and 4.198 billion respectively, with corresponding PE ratios of 31, 19, and 15 [3][2]. Financial Forecasts - The company is expected to achieve total revenue of 34.124 billion, 40.469 billion, 51.464 billion, and 62.176 billion for the years 2024, 2025, and 2026 respectively, with growth rates of -1.0%, 18.6%, 27.2%, and 20.8% [3][6]. - The net profit attributable to shareholders is projected to be 2.051 billion, 2.003 billion, 3.286 billion, and 4.198 billion for the years 2024, 2025, and 2026, with growth rates of 28.5%, -2.3%, 64.0%, and 27.8% [3][6]. - The company's earnings per share are expected to be 0.29, 0.29, 0.47, and 0.60 for the years 2024, 2025, and 2026 [3][6].