KDL(002850) 申万宏源证券·2025-04-28 04:14Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance exceeded expectations, with a significant year-on-year increase in net profit margin for Q1 2025. The company achieved a revenue of 3.022 billion yuan in Q1 2025, representing a year-on-year growth of 20.5%, and a net profit of 387 million yuan, up 25.5% year-on-year [7] - The company is expanding its domestic high-quality customer base while facing a shortage of overseas production capacity, indicating potential for increased shipments. The company has established a strategic cooperation agreement with Inpai Battery for 100% supply of structural components for power and energy storage batteries over the next five years [7] - The robotics business is successfully shipping products, with significant growth potential. The company’s subsidiary, Shenzhen Kemon, focuses on harmonic reducers and has launched several new core transmission technology products for humanoid robots [7] - The investment analysis suggests a slight upward adjustment in profit forecasts for 2025-2026, with new profit projections for 2027. Expected net profits for 2025-2027 are 1.813 billion, 2.200 billion, and 2.623 billion yuan respectively, corresponding to PE ratios of 20, 17, and 14 [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 14.505 billion yuan, with a year-on-year growth rate of 20.6%. The net profit for 2025 is estimated at 1.813 billion yuan, reflecting a growth rate of 23.2% [6] - The gross profit margin is expected to be 24.0% in 2025, with a return on equity (ROE) of 14.0% [6] - The company’s financial summary indicates a steady increase in revenue and net profit over the next few years, with total revenue expected to reach 20.220 billion yuan by 2027 [9]