KSHG(605333) 国盛证券·2025-04-26 09:32Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in 2024 met expectations, with revenue reaching 7.914 billion yuan, a year-on-year increase of 97.7%, and a net profit attributable to shareholders of 670 million yuan, up 1,139.2% year-on-year [1][4]. - The company has a diversified customer base, including major clients such as Seres and Volkswagen, which supports revenue growth [1][2]. - The company is expanding its overseas market presence, particularly in Europe, enhancing its supply chain management and responding quickly to international customer demands [2]. Financial Performance - In Q1 2025, the company reported revenue of 1.54 billion yuan, a year-on-year increase of 1%, with a net profit of 90 million yuan, down 8% year-on-year [1]. - The gross profit margin for 2024 was 17%, an increase of 5 percentage points year-on-year, while the net profit margin was 8%, up 7 percentage points year-on-year [1]. - The company expects net profits for 2025, 2026, and 2027 to be 848 million yuan, 1.028 billion yuan, and 1.209 billion yuan, respectively, with corresponding P/E ratios of 16.5, 13.6, and 11.5 [3][4]. Market Position and Growth Potential - The company is positioned as a leader in the domestic wiring harness market, having entered the supply chains of renowned automotive manufacturers [2]. - The demand for high-voltage wiring harnesses is expected to grow due to the increasing production of electric vehicles and advancements in autonomous driving technology [2]. - The company has developed a full range of high-voltage connectors and is focusing on enhancing its product structure to increase market share [2].