KDL(002850) 中银国际·2025-04-30 01:21Investment Rating - The report maintains an "Overweight" rating for the company [1][5] Core Views - The company has shown steady development in its main business and is expanding into the humanoid robot market, which is expected to gradually open up [3] - The company reported a net profit of 1.472 billion RMB for 2024, representing a year-on-year growth of 22.55% [8] - The company is focusing on high-end markets and strengthening relationships with major clients while actively exploring international markets [8] Financial Summary - The company’s revenue for 2024 is projected to be 12.03 billion RMB, with a growth rate of 14.4% [7] - The EBITDA for 2024 is estimated at 2.614 billion RMB, with a year-on-year increase of 24.5% [7] - The net profit for 2025 is expected to reach 1.805 billion RMB, reflecting a growth rate of 22.6% [7] - The earnings per share (EPS) for 2025 is projected to be 6.60 RMB, with a corresponding price-to-earnings (P/E) ratio of 19.3 [5][11] - The company is expanding its production capacity both domestically and internationally, with significant progress in its facilities in the US, Singapore, and Hungary [8]