KDL(002850) 东吴证券·2025-04-18 02:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 revenue is projected to be 12.03 billion yuan, representing a year-on-year growth of 14.44% [1] - The net profit attributable to shareholders is expected to reach 1.47 billion yuan in 2024, with a year-on-year increase of 22.55% [1] - The company has maintained a stable market share, with the top five customers accounting for 72% of revenue in 2024 [8] - The company is expected to achieve a revenue growth of 20-30% in structural components in 2025, driven by stable lithium battery demand [8] - The company has a strong cash flow position, with operating cash flow of 2.15 billion yuan in 2024, up 187.3% year-on-year [8] Financial Projections - Total revenue projections for the company are as follows: - 2023: 10.51 billion yuan - 2024: 12.03 billion yuan - 2025: 14.69 billion yuan - 2026: 17.18 billion yuan - 2027: 20.07 billion yuan [1] - Net profit projections are as follows: - 2023: 1.20 billion yuan - 2024: 1.47 billion yuan - 2025: 1.88 billion yuan - 2026: 2.32 billion yuan - 2027: 2.79 billion yuan [1] - The company's earnings per share (EPS) are projected to be: - 2024: 5.38 yuan - 2025: 6.86 yuan - 2026: 8.50 yuan - 2027: 10.20 yuan [1] Market Data - The closing price of the company's stock is 113.12 yuan [5] - The market capitalization is approximately 30.94 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to be 25.76 for 2023 and decrease to 11.09 by 2027 [1]