IKD(600933) 天风证券·2025-01-17 06:36Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Insights - The company is acquiring a 71% stake in Zhuoerbo, a precision component manufacturer for micro motors, which will enhance its product matrix in the automotive micro motor sector [2][4]. - The establishment of a wholly-owned subsidiary, Shundong Robot Technology, aims to develop and sell intelligent robots, leveraging Zhuoerbo's expertise in micro motor technology [3]. - The integration of resources between the company and Zhuoerbo is expected to improve market share, as both companies have established relationships with major automotive suppliers and manufacturers [4]. Financial Projections - The projected net profit for the company from 2024 to 2026 is estimated at 1.02 billion, 1.26 billion, and 1.40 billion yuan respectively, with corresponding P/E ratios of 16, 13, and 12 times [4]. - Revenue is expected to grow from 6.97 billion yuan in 2024 to 9.46 billion yuan in 2026, reflecting a growth rate of 17% in 2024 and 16% in 2026 [5][13]. - The company's EBITDA is projected to increase from 1.84 billion yuan in 2024 to 2.62 billion yuan in 2026 [5]. Market Position - The company has a balanced presence in key automotive markets across Asia, North America, and Europe, with major clients including Mitsubishi Electric, Valeo, and Bosch [4]. - The acquisition of Zhuoerbo is anticipated to diversify the company's client base and enhance its competitive position in the automotive components market [2][4].