KSHG(605333) 国盛证券·2025-01-22 07:06Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 600-710 million yuan in 2024, representing a year-on-year growth of 1009%-1212%. The non-recurring net profit is projected to be 580-690 million yuan, with a year-on-year increase of 1362%-1638% [1] - The strong performance is attributed to the increase in demand from core customers, with domestic new energy vehicle sales reaching 3.87 million units in Q4, a 29% increase quarter-on-quarter [1] - The company is actively expanding its customer base, having onboarded several notable automotive manufacturers, which enhances its market coverage and future growth prospects [2] Financial Performance - The company’s revenue is projected to grow significantly, with expected revenues of 7.82 billion yuan in 2024, a 95.4% year-on-year increase, and further growth to 10.17 billion yuan in 2025 [4] - The net profit for 2024 is forecasted at 660 million yuan, marking a staggering 1119.4% increase compared to the previous year [4] - Earnings per share (EPS) is expected to rise to 1.51 yuan in 2024, with a projected P/E ratio of 24.9 [4] Market Position and Strategy - The company has established a strong customer structure, securing positions with major automotive brands such as SAIC Volkswagen, Daimler, and Audi, which solidifies its leading position in the domestic wiring harness market [2] - The company is enhancing its international presence, particularly in Europe, by strengthening its management team in Romania and optimizing supply chain management to better respond to international customer needs [2] - The shift towards electrification and automation in vehicles is expected to increase the demand for high-voltage wiring harnesses, positioning the company to benefit from industry expansion and domestic substitution trends [2]