IKD(600933) 信达证券·2025-01-16 11:09Investment Rating - The report maintains a positive investment rating for Aikedi (600933 SH) [1] Core Views - Aikedi plans to acquire 71% equity of Zhuoerbo (Ningbo) Precision Electromechanical Co Ltd through issuing shares and paying cash to strategically expand into the micro motor sector [2] - The acquisition will help Aikedi horizontally expand into the automotive micro motor precision parts field and assist the target company in forming production capabilities for new energy drive motor cores and other modular automotive motor parts [4] - Aikedi released its sixth equity incentive plan covering 850 people with revenue growth targets of +19 19% 25 9% for 2025 2026 respectively [4] - As a leading domestic automotive aluminum alloy precision die casting supplier Aikedi is gradually improving its product categories and advancing global layout with new energy vehicle product sales accounting for over 30% of total revenue in H1 2024 [4] - The company is expected to achieve net profits of 1 04 billion 1 31 billion and 1 6 billion yuan in 2024 2025 and 2026 respectively with corresponding EPS of 1 06 1 33 and 1 63 yuan [4] Financial Projections - Revenue is projected to grow from 4 265 billion yuan in 2022 to 10 64 billion yuan in 2026 with a CAGR of 22% [5] - Net profit attributable to parent company is expected to increase from 649 million yuan in 2022 to 1 601 billion yuan in 2026 [5] - Gross margin is forecasted to remain stable around 29% 30% from 2024 to 2026 [5] - ROE is projected to improve from 12% in 2022 to 16 1% in 2026 [5] - P E ratio is expected to decline from 23 02x in 2022 to 9 32x in 2026 [5] Business Operations - Aikedi is constructing its second phase factory in Mexico with planned production starting in Q2 2025 [4] - The company completed construction of its Malaysia production base in June 2024 with aluminum alloy material production line starting mass production in July 2024 [4] - Current production construction work is progressing steadily [4] Target Company Overview - Zhuoerbo specializes in R D production and sales of micro motor precision parts with products including motor stators rotors housings and molds [4] - Its products are widely used in window lift motors sunroof motors tailgate motors and have extended to emerging fields like drones robots and industrial automation [4] - Major customers include global motor manufacturers automotive parts suppliers and OEMs such as Lear Corporation Denso BYD etc [4] - Zhuoerbo achieved revenues of 739 million 854 million and 742 million yuan in 2022 2023 and the first three quarters of 2024 respectively [4] - Net profits were 117 million 146 million and 111 million yuan for the same periods [4]