KEBODA(603786) 东方证券·2025-04-26 13:02Investment Rating - The report maintains a "Buy" rating for the company with a target price of 79.53 CNY, based on an average PE valuation of 33 times for comparable companies in 2025 [3][6]. Core Views - The company continues to secure new orders and steadily advance its global expansion strategy, with significant growth in revenue and net profit projected for the coming years [2][10]. - The company is expected to achieve EPS of 2.41 CNY, 3.00 CNY, and 3.60 CNY for the years 2025, 2026, and 2027 respectively, reflecting a strong growth trajectory [3][10]. Financial Performance Summary - Revenue is projected to grow from 4,625 million CNY in 2023 to 11,188 million CNY in 2027, with year-on-year growth rates of 36.7%, 29.0%, 27.7%, 22.0%, and 20.3% respectively [5]. - The company's net profit attributable to the parent company is expected to increase from 609 million CNY in 2023 to 1,455 million CNY in 2027, with growth rates of 35.3%, 26.8%, 26.1%, 24.3%, and 20.2% [5]. - The gross margin is forecasted to remain stable around 29.2% to 29.3% over the next five years, indicating effective cost management [5][10]. Order and Market Expansion - The company has achieved significant revenue from its lighting control, motor control systems, and automotive electronics businesses, with respective revenues of 28.90 billion CNY, 9.65 billion CNY, and 8.84 billion CNY in 2024, showing year-on-year growth of 22.2%, 21.4%, and 15.8% [10]. - The company is actively pursuing a diversification strategy in its customer base, aiming to reduce reliance on major clients like Volkswagen while increasing sales to other automotive manufacturers [10]. Globalization Strategy - The company plans to enhance its global footprint by establishing manufacturing facilities in Europe and North America by mid-2025, which will support new projects and increase market share [10]. - The proportion of overseas projects in new designated projects reached 15% in 2024, with expected lifecycle sales accounting for over 60% [10].