KDL(002850) 民生证券·2025-04-18 08:23Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5]. Core Insights - The company reported a revenue of 12.03 billion yuan for 2024, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 1.472 billion yuan, up 22.55% year-on-year [1]. - The company is expanding its production capacity both domestically and internationally, with significant investments in new production bases in Shenzhen, the United States, and Malaysia [2]. - The company is venturing into the humanoid robot sector, collaborating with various partners to innovate in joint module components, which is expected to create a second growth curve [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.438 billion yuan, representing a year-on-year growth of 25.34% and a quarter-on-quarter increase of 9.28%. The net profit for the same period was 455 million yuan, up 12.07% year-on-year and 23.64% quarter-on-quarter [1]. - The gross margin for Q4 2024 was 27.26%, an increase of 2.98 percentage points year-on-year and 3.84 percentage points quarter-on-quarter [1]. Market Expansion - The company has strengthened relationships with major clients such as CATL, LG, and Tesla, ensuring long-term strategic cooperation [2]. - A strategic cooperation agreement was signed with Inpai Battery in February 2025, securing 100% of the supply share for power and energy storage battery structural components for the next five years [2]. Production Capacity - The company is investing up to 1.2 billion yuan in a new production base for precision structural components for new energy batteries in Shenzhen [2]. - An investment of up to 49 million USD is planned for a new production base in the United States, alongside a project in Malaysia with a budget of up to 600 million yuan [2]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 14.97 billion yuan, 18.20 billion yuan, and 21.78 billion yuan, respectively, with year-on-year growth rates of 24.4%, 21.6%, and 19.6% [4]. - The net profit attributable to shareholders is expected to reach 1.795 billion yuan, 2.183 billion yuan, and 2.620 billion yuan for the same years, with growth rates of 21.9%, 21.6%, and 20.1% [4].