KSHG(605333) 国盛证券·2025-04-26 10:23Investment 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 strong customer base, including major automotive manufacturers such as SAIC Volkswagen, Daimler, and others, which supports its leading position in the domestic wiring harness market [2]. - The company is expanding its overseas market presence, particularly in Europe, by enhancing its management team and optimizing supply chain management [2]. - The growth in the electric vehicle market and the increasing demand for high-voltage wiring harnesses due to automation trends present significant growth opportunities for the company [2]. Financial Performance Summary - In 2024, the company achieved a gross margin of 17%, an increase of 5 percentage points year-on-year, and a net profit margin of 8%, up 7 percentage points year-on-year [1]. - For 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 company forecasts net profits of 848 million yuan, 1.028 billion yuan, and 1.209 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 16.5, 13.6, and 11.5 [3][4].