KDL(002850) 光大证券·2025-04-21 03:15Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's profitability exceeded expectations, with a 2024 revenue of 12.03 billion yuan, a year-on-year increase of 14.44%, and a net profit of 1.472 billion yuan, up 22.55% [1][2]. - The fourth quarter of 2024 showed strong performance despite being a traditionally weak season, with revenue of 3.438 billion yuan, a year-on-year increase of 25.32% [2]. - The company is expanding into the robotics sector, collaborating with Taiwanese firms to establish a new robotics company, showcasing rapid technological advancements [3]. - The overseas expansion is progressing well, with production bases established in Germany, Sweden, and Hungary, and plans for further capacity release based on customer demand [3]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 24.36%, an increase of 0.78 percentage points from the previous year, and a net margin of 12.2%, up 0.62 percentage points [2]. - The fourth quarter gross margin was 27.26%, reflecting a quarter-on-quarter increase of 3.85 percentage points [2]. - The company forecasts net profits of 1.802 billion yuan, 2.178 billion yuan, and 2.499 billion yuan for 2025, 2026, and 2027 respectively, with corresponding increases of 22.43%, 20.88%, and 14.74% [3][5]. Business Development - The company is developing its robotics business, launching seven new products in April 2024, focusing on high-precision gear technology [3]. - The robotics segment is expected to provide a second growth curve for the company, leveraging its existing capabilities in automation and precision manufacturing [3]. Valuation and Forecast - The current stock price corresponds to a price-to-earnings (P/E) ratio of 18 for 2025, 15 for 2026, and 13 for 2027, indicating potential for valuation improvement [3]. - The report projects stable growth in the core structural components business, with the robotics sector expected to enhance overall profitability [3].