KSHG(605333) 东吴证券·2025-04-29 23:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 7.914 billion yuan, a year-on-year increase of 97.70%. The net profit attributable to shareholders was 670.34 million yuan, up 1,139.15% year-on-year [8] - The revenue growth was primarily driven by the core customer, Seres, which accounted for 53% of the company's revenue in 2024. The company has diversified its customer base, establishing strong partnerships with international automotive manufacturers such as Volkswagen, Daimler, and Audi, enhancing its order stability and market resilience [8] - The company is accelerating domestic substitution and has significant growth potential as a leading harness supplier. The new model M8 from Seres has received strong orders, which is expected to significantly boost performance once mass production begins [8] Financial Summary - The company forecasts revenue of 10 billion yuan in 2025 and 12.1 billion yuan in 2026, with expected year-on-year growth rates of 26% and 21%, respectively. The net profit attributable to shareholders is projected to be 872 million yuan in 2025 and 1.091 billion yuan in 2026, with corresponding growth rates of 30% and 25% [8] - The gross profit margin for 2024 was 17.49%, an increase of 4.6 percentage points year-on-year, attributed to improved capacity utilization due to scale effects. The net profit margin was 8.47%, up 7.12 percentage points year-on-year [8] - The company's earnings per share (EPS) for 2024 is projected at 1.53 yuan, with a price-to-earnings (P/E) ratio of 19.63 based on the current price [1][9]