IKD Co., Ltd. (600933)

Equity Research Report　|　Industry: Automotive Lightweight Precision Manufacturing and Auto Parts　|　Report Date: September 13, 2026　|　September 11, 2026 Close (some technical indicators are based on different timestamps, as noted in the relevant fields)

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

IKD recorded high revenue growth but came under earnings pressure in the first half of 2026: revenue reached RMB 4.292 billion, up 24.42% year on year; net profit attributable to shareholders was RMB 477 million, down 16.70%; and non-GAAP net profit attributable to shareholders was RMB 444 million, down 19.62%. Foreign-exchange losses were approximately RMB 72.18 million, compared with foreign-exchange gains of approximately RMB 71.60 million in the same period last year. Rising raw-material prices, the expansion of low-margin businesses and intensifying competition in the auto-parts industry also weighed on profitability. By comparison, the company recorded 2025 revenue of RMB 7.413 billion and net profit attributable to shareholders of RMB 1.171 billion, up 9.89% and 24.69%, respectively, with full-year gross margin recovering to 29.77%.

The company primarily manufactures precision automotive die-cast components, covering new-energy-vehicle three-electric systems, body structural components, intelligent driving, thermal management and chassis applications. It is also developing industrial precision metal parts and precision components for automotive micro-specialty motors. The company has an integrated manufacturing platform covering aluminum, zinc and magnesium die casting, as well as mold-making, die casting, machining, surface treatment, assembly and testing. It has established a regional production footprint in China, Mexico and Malaysia. In 2025, sales to the five largest customers accounted for 35.19% of total sales, while purchases from the five largest suppliers accounted for 25.24%; neither customer nor supplier concentration reached a level indicating a high degree of dependence on a single customer or supplier.

The main growth drivers are the expansion of lightweight new-energy-vehicle applications, three-electric-system and structural-component products, improved globalized local supply capabilities, and the expansion of new businesses including magnesium alloys, robotics, automotive micro-specialty motors and optical-module structural components. The acquisition of a 71% stake in Zhuoerbo has substantially completed its implementation. The acquired business provides a platform for the company to enter precision components for automotive micro-specialty motors, robotics and intelligent actuators. However, the approval for the supporting financing has expired, and the final funding structure for the cash consideration and any alternative financing arrangements had not been disclosed as of the report date.

As of September 11, 2026, the company’s share price was RMB 12.77, approximately 48% below the 52-week high of RMB 24.49 and approximately 2.4% above the main reference 52-week low of RMB 12.46. The trailing P/E ratio was approximately 12.23x and the P/B ratio approximately 1.37x. However, the stock had declined approximately 35.38% year to date and 19.07% over the past 60 days, indicating that the market continues to price in near-term earnings pressure and uncertainty regarding earnings realization. The company completed a share repurchase of approximately RMB 106 million and completed the initial grant under its Seventh Restricted Stock Incentive Plan, indicating shareholder-return and incentive arrangements. However, the source of certain shares under the incentive plan and the final registration status remain subject to subsequent announcements.

2. Company Overview

2.1 Basic Information

2.2 Principal Businesses and Product Portfolio

• Precision automotive die-cast components: Mainly includes aluminum-alloy, zinc-alloy and magnesium-alloy precision die-cast components used in new-energy-vehicle three-electric systems, body structural components, intelligent driving, thermal management, chassis, powertrain and braking applications. This remains the main source of revenue and profit.
• Industrial precision metal parts: Includes precision die-cast products for industrial equipment, communication structures, household appliances and other industrial applications. In 2025, the zinc-alloy die-casting business entered new application areas such as optical-module structural components, although its current scale remains relatively small.
• Precision components for automotive micro-specialty motors: The company entered this business through the acquisition of Zhuoerbo. Products include rotors, stators, housings and related molds for micro-specialty motors, mainly for automotive applications, with expansion into robotics and intelligent actuators.
• Manufacturing processes and product platforms: The company has established a full-metal die-casting platform covering aluminum alloys, zinc alloys and magnesium alloys, together with integrated manufacturing capabilities in mold-making, die casting, precision machining, surface treatment, assembly and testing.
• Global production footprint: The company has established regional production facilities in China, Mexico and Malaysia to provide localized supply to customers.

2.3 Position in the Upstream and Downstream Value Chain and Cost-Profit Structure

IKD occupies a midstream position in the auto-parts value chain. It uses aluminum, zinc, magnesium and steel materials as its main inputs and creates value through mold development, precision die casting, machining, surface treatment, assembly and testing. Its customers are primarily global Tier 1 auto-parts suppliers and certain new-energy-vehicle OEMs.

• Major procurement categories include aluminum alloys, zinc alloys, magnesium alloys, steel, assembly components, packaging materials and production consumables. Aluminum ingots are the most important raw material for the automotive die-casting business, while zinc ingots, magnesium alloys and steel affect the cost of certain products.
• In 2025, raw-material costs for automotive products were RMB 2.530 billion, accounting for 52.66% of total automotive-product costs; raw-material costs for industrial products were RMB 94 million, accounting for 73.88% of total industrial-product costs.
• Purchases from the five largest suppliers accounted for 25.24% of total purchases in 2025, indicating relatively low supplier concentration. However, the company still relies primarily on external procurement of aluminum ingots and has not achieved upstream resource self-sufficiency.
• The company generally uses cost-plus pricing and raw-material price linkage mechanisms. In theory, this allows some changes in aluminum, zinc and other raw-material prices to be passed through to customers, but time lags and limitations on the magnitude of pass-through exist. The company is therefore generally a partial price taker with respect to metal-material prices.
• The Malaysia facility began producing aluminum-alloy raw materials in July 2024. This primarily reflects supply-chain security and regional supporting capabilities and should not be interpreted as ownership of aluminum-mining resources or complete raw-material self-sufficiency.
• Downstream customers include large global Tier 1 auto-parts suppliers and certain new-energy-vehicle OEMs. Customers listed in company meeting materials include Valeo, Bosch, Magna, Nidec, Nexteer, Continental, CATL, Honeycomb Yichuang, Li Auto, NIO, Leapmotor, RoboSense, Hikvision and Sunny Optical.
• As of December 31, 2025, sales to the five largest customers were RMB 2.609 billion, accounting for 35.19% of annual sales; no single customer accounted for more than 50% of sales.
• The automotive supply chain is characterized by stringent customer certification, large procurement volumes and intense price competition. Annual price reductions or cost-reduction requirements may arise during a vehicle model’s lifecycle, exposing the company to procurement bargaining pressure from global Tier 1 suppliers and OEMs.
• The company primarily adopts a build-to-order model. Its products generally need to pass supplier audits, APQP, PPAP and mass-production validation. Customer-certification cycles are relatively long, but relationships are usually reasonably stable once the company enters a customer’s mass-production supply system.
• The company strengthens customer stickiness and competitiveness through its technology and quality systems, complex-structure and lightweight-product processes, large-scale production across multiple product categories, product coverage in new-energy-vehicle three-electric systems and body structures, and global production capacity.
• The 2025 annual report did not disclose the specific names of the five largest customers. Customer names from historical years cannot be directly equated with the 2025 customer mix. Historical compilations of specific customer revenue contributions could not be cross-verified against the 2025 customer structure and should be confirmed against the latest annual report.
• Net cash flow from operating activities was RMB 2.025 billion in 2025, higher than net profit attributable to shareholders of RMB 1.171 billion for the same period, indicating strong operating cash flow. The book value of inventories at the end of 2025 was RMB 1.557 billion, up from RMB 1.135 billion at the end of 2024, including RMB 559 million of raw materials and RMB 687 million of finished goods. The increase was mainly related to business growth, raw-material stocking and the global production footprint. The annual report did not directly disclose days sales outstanding, so the advantages of customer payment terms or the ratio of receivables to net profit and revenue cannot be assessed precisely on this basis.
• As of December 31, 2025, sales to the five largest customers accounted for 35.19% of annual sales, below 38.60% in 2024. Purchases from the five largest suppliers accounted for 25.24% of total purchases in 2025. Customer concentration was higher than supplier concentration, indicating relatively diversified procurement but continued exposure on the sales side to procurement bargaining and annual price-reduction pressure from large automotive customers. Customer-concentration data are from the company’s 2025 annual report; the specific names of the five largest customers in 2025 were not disclosed, and historical customer names and specific revenue contributions should not be treated as representative of 2025.

IKD is positioned in the midstream of the auto-parts value chain. It is a technology-oriented manufacturing company based on metal materials that creates value through molds and precision manufacturing. It has neither pricing power over upstream mineral resources nor brand premiums aimed at end consumers. Further margin expansion will depend mainly on the ramp-up of new-energy-vehicle structural and three-electric-system components, upgrades involving magnesium alloys and semi-solid die casting, higher utilization of overseas facilities, scale and cost control, and the restoration of raw-material cost pass-through capabilities.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The 2026 interim report was disclosed on August 27–28, 2026, and was unaudited. Non-GAAP net profit attributable to shareholders in the first half of 2026 was RMB 444.34 million, down 19.62% year on year; basic EPS was RMB 0.46, down 22.03%; net cash flow from operating activities was RMB 697.43 million, down 37.37%; and weighted-average return on equity was 4.78%, down 1.99 percentage points year on year. Full-year 2025 non-GAAP net profit attributable to shareholders was approximately RMB 1.116 billion, up 26.96% year on year.

The company exhibited relatively rapid revenue growth but short-term earnings pressure. Revenue increased 24.42% year on year in the first half of 2026, while net profit attributable to shareholders declined 16.70%. Company meeting materials indicated that the decline was mainly attributable to increased foreign-exchange losses, higher raw-material prices, the expansion of low-margin businesses and intensifying competition in the auto-parts industry. Foreign-exchange losses were approximately RMB 72.18 million in the first half of 2026, compared with foreign-exchange gains of approximately RMB 71.60 million in the same period last year.

3.2 Earnings Forecasts

As of September 11, 2026, the earnings-forecast page of 10jqka showed that 15 institutions had issued forecasts during the previous six months. These figures represent an aggregation of sell-side forecasts rather than company earnings guidance and may be adjusted following the interim-report disclosure and changes in exchange rates, raw-material prices and automotive-industry conditions. Forecasts from representative institutions differ: Western Securities expects net profit attributable to shareholders of RMB 1.28 billion, RMB 1.55 billion and RMB 1.77 billion in 2026–2028; Huatai Securities expects RMB 1.195 billion, RMB 1.465 billion and RMB 1.692 billion; and Everbright Securities expects approximately RMB 1.21 billion, RMB 1.40 billion and RMB 1.67 billion.

3.3 Valuation and Institutional Ratings

As of September 11, 2026, the closing price was RMB 12.77, total market capitalization was approximately RMB 13.3 billion, trailing P/E was approximately 12.44x, P/B was approximately 1.39x, static P/E was approximately 11.23x, and the dividend yield was approximately 3.06%–3.08%. The 52-week price range was approximately RMB 12.46–24.49. Based on consensus EPS forecasts, forecast P/E is approximately 10.1x in 2026, 8.3x in 2027 and 7.1x in 2028. If 2026 EPS of RMB 1.15–1.17 is used, the corresponding P/E is approximately 10.9x–11.1x; if EPS of RMB 1.44 is used, the corresponding P/E is approximately 8.9x. Company meeting materials indicate that the company’s current valuation is relatively low, but the core reason for the low valuation is earnings pressure in the first half of 2026. The market remains cautious about full-year earnings realization amid foreign-exchange losses, raw-material costs, low-margin businesses and industry competition. Recent institutional ratings are predominantly Buy or Accumulate, with target prices concentrated around RMB 20.23–27.20, although earnings forecasts and target prices vary substantially and should not be treated as a single consensus target. Future valuation recovery will depend on second-half earnings recovery, narrowing foreign-exchange losses, and execution in robotics, magnesium alloys, overseas capacity, motor cores and optical-module-related businesses. Key uncertainties include exchange-rate volatility, higher raw-material prices, intensifying auto-parts competition, a rising proportion of low-margin businesses, slower-than-expected overseas-factory ramp-up and weaker-than-expected new-business growth.

4. Recent News and Announcements

4.1 Share Repurchase Completed, with Actual Repurchase Amount of Approximately RMB 106 Million

The company approved a share-repurchase plan on June 15, 2026, with a planned repurchase amount of no less than RMB 100 million and no more than RMB 200 million. Following adjustment for the distribution of equity, the maximum repurchase price was RMB 24.50 per share. The repurchase period was June 15, 2026 to June 14, 2027, and the repurchased shares were intended for an employee stock ownership plan or equity incentive. The company completed the repurchase on June 24, 2026, acquiring 6.8639 million shares, representing approximately 0.67% of total shares outstanding at the time. The actual repurchase amount was RMB 105.9749 million, at prices ranging from RMB 14.90 to RMB 15.86 per share.

4.2 Seventh Restricted Stock Incentive Plan Approved by Shareholders and Initial Grant Completed

The company held its second extraordinary general meeting of 2026 on August 27, 2026, which approved proposals relating to the Seventh Restricted Stock Incentive Plan. As 15 incentive recipients voluntarily waived participation, the company adjusted the plan on September 2, 2026. The number of recipients under the initial grant was reduced from 753 to 738, the initial grant was reduced from 12.9492 million shares to 12.8091 million shares, the reserved grant was reduced from 3.2373 million shares to 3.0000 million shares, and the total grant was reduced from 16.1865 million shares to 15.8091 million shares. The initial grant date was September 2, 2026, the grant price was RMB 6.97 per share, and 12.8091 million restricted shares were granted initially. The shares are sourced from repurchased shares on the secondary market and/or A-share common stock issued through a targeted offering to incentive recipients. As of September 12, 2026, the specific quantities of repurchased shares and newly issued shares to be used remained uncertain and are subject to subsequent share-registration or implementation announcements.

4.3 Proposed Repurchase and Cancellation of Certain Restricted Shares under the Sixth Incentive Plan

On August 28, 2026, the company disclosed an announcement regarding adjustment of the repurchase price under the Sixth Restricted Stock Incentive Plan and the repurchase and cancellation of certain restricted shares. The company proposed to repurchase and cancel 58,000 shares at RMB 6.45 per share because certain incentive recipients had left the company or otherwise no longer met the incentive conditions. The company also issued a creditor-notification announcement. Different historical batches and repurchase quantities are described in the announcements and related materials. The specific details are subject to announcement No. Lin 2026-064 and subsequent implementation announcements for the repurchase and cancellation.

4.4 Substantial Implementation of Acquisition of 71% of Zhuoerbo Completed; Supporting Financing Approval Expired

The company previously acquired a 71% stake in Zhuoerbo (Ningbo) Precision Electromechanical Co., Ltd. through a combination of share issuance and cash payment. The share consideration was RMB 615.0375 million, the cash consideration was RMB 503.2125 million, and the total transaction consideration was approximately RMB 1.118 billion. The company completed the transfer of equity and the related industrial and commercial registration changes on September 24, 2025, and completed the listing of the newly issued shares for the share-purchase portion on October 10, 2025. The original plan was to issue shares to no more than 35 specific investors to raise supporting funds. However, because the issuance was not implemented within the validity period of the registration approval from the China Securities Regulatory Commission, the approval automatically expired in September 2026. The expired approval related to the supporting financing and does not affect the completed acquisition of Zhuoerbo’s 71% stake or the share-issuance asset-purchase portion. As of September 12, 2026, the company had not disclosed the final funding structure for the cash consideration or any new supporting or alternative financing arrangements.

4.5 2026 Interim Report Disclosed; Net Profit Attributable to Shareholders Down Approximately 16.70% Year on Year

The company disclosed its 2026 interim report on August 28, 2026. Net profit attributable to shareholders of the listed company was approximately RMB 477 million in the first half of 2026, down approximately 16.70% year on year, while basic EPS was approximately RMB 0.46. As of June 30, 2026, the company had 37,989 ordinary shareholders. The company made no distribution or capitalization transfer for the 2026 interim period. At the end of the reporting period, the company’s dedicated share-repurchase account held 12.9321 million shares, representing approximately 1.26% of total shares outstanding.

4.6 2026 Interim Results Presentation Held

The company held its 2026 interim results presentation through the SSE Roadshow Center from 13:00 to 14:00 on September 11, 2026. Chairman, General Manager and Director Zhang Jiancheng; Director, Deputy General Manager and Board Secretary Dong Liping; Chief Financial Officer Xie Di; and Independent Director Li Shouxi attended and communicated with investors. This was an investor-relations event and did not constitute a new earnings preview or earnings forecast.

4.7 Periodic Changes in Holdings by the Top Ten Shareholders

According to the 2026 interim report, as of June 30, 2026, Lingtuo Hong Kong Limited had reduced its holdings by 15.5597 million shares from the previous reporting period, Hong Kong Securities Clearing Company Limited had increased its holdings by 4.8092 million shares, and the company’s dedicated share-repurchase account had increased its holdings by 6.8639 million shares to 12.9321 million shares at period end. The comparison covers March 31, 2026 to June 30, 2026 and cannot be directly interpreted as continued selling as of September 2026. As of September 12, 2026, public searches had not produced sufficient cross-verification of Lingtuo Hong Kong’s subsequent reduction in holdings.

4.8 Company Disclosed No Reduction Plan as of June 15, 2026

In the announcement on the June 2026 share-repurchase plan, the company disclosed that, based on inquiries, as of June 15, 2026, its directors, senior management, controlling shareholder, actual controller and persons acting in concert, and shareholders holding more than 5% of the company’s shares had no plan to reduce their holdings. This information was valid as of June 15, 2026 and does not cover any reduction arrangements that may have occurred thereafter.

4.9 No Newly Added Major Earnings Preview or Regulatory Penalty Identified for September 2026

As of September 12, 2026, the current search did not identify a separately issued earnings preview, earnings flash or major earnings warning newly released by the company in September 2026. The latest formal earnings information was the 2026 interim report. No publicly disclosed disciplinary action, regulatory warning or investigation by the China Securities Regulatory Commission or the Shanghai Stock Exchange was identified during the same period. This does not rule out matters that had not been retrieved or disclosed.

4.10 Other Recent Governance and Announcement Matters

The company also recently disclosed a self-inspection report on insider trading in the company’s shares by persons with inside information relating to the Seventh Restricted Stock Incentive Plan, the legal opinion and resolutions of the second extraordinary general meeting of 2026, changes in accounting policies, the estimated limit for external guarantees in 2026, and a special report on the deposit, management and use of funds raised as of the interim period. The current search results did not fully present the external-guarantee limit or specific guaranteed parties. Relevant amounts are incomplete and should not be cited solely on the basis of announcement summaries.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

6. Industry Landscape and Competitor Analysis

6.1 Industry Overview

IKD’s core industry is automotive aluminum-alloy precision die casting and auto-parts manufacturing. The industry benefits over the long term from automotive lightweighting, higher aluminum-alloy content per vehicle in new-energy vehicles, greater die-casting penetration in three-electric systems, battery packs and body structural components, as well as global automotive procurement and the internationalization of China’s supply chain.

6.2 Competitive Landscape

• The industry comprises both traditional small and medium-sized precision die-casting components and large structural components for new-energy vehicles. Key technologies include large die-casting machines, integrated die casting, semi-solid forming and magnesium-alloy technologies.
• Long customer-certification cycles, quality systems, mold-development capabilities and global delivery capabilities constitute barriers to entry.
• OEMs and Tier 1 customers have strong procurement bargaining power, and annual price reductions and cost-reduction pressure are persistent.
• Leading companies continue to expand capacity, creating risks that capacity growth may outpace demand growth, leading to oversupply and fixed-asset depreciation pressure on margins.
• Companies with overseas localized production capabilities have advantages in addressing trade barriers, tariffs and supply-chain restructuring.
• The industry is not a typical upstream resource monopoly. Competition centers on technology, customers, scale and manufacturing efficiency. Securing high-quality customer projects, increasing the proportion of complex products and improving capacity utilization are more important than simply investing in equipment.
• The company has established production operations in China, Mexico and Malaysia. The disclosed capacities of 4.5 million magnesium-alloy precision die-cast components per year, 1.75 million new-energy-vehicle structural components per year and 750,000 new-energy-vehicle three-electric-system components per year relate to project plans or capacity at full production and do not indicate that all such effective capacity had been formed as of the time described in the company materials. The company has also not disclosed the total tonnage of all die-casting machines or comprehensive annual capacity on a unified basis.

6.3 Major Competitors

IKD, Guangdong Hongtu, Wencan Group and Xusheng Group all compete in automotive aluminum-alloy precision die casting and new-energy-vehicle components. However, IKD has a relatively diversified business structure covering automotive precision die casting, industrial metal parts and precision components for automotive micro-specialty motors. It also has an integrated platform covering aluminum, zinc and magnesium die casting, mold-making, die casting, machining, assembly and testing. Compared with competitors with a stronger focus on large integrated die casting, IKD’s relative advantages lie in high-mix precision manufacturing, accumulated customer certifications, global delivery and expansion into new product applications. Its main constraints remain metal-material price volatility, annual customer price reductions, capacity-utilization pressure from industry expansion, and the impact of overseas-facility ramp-up and depreciation on margins.

7. Risk Factors

• Risk of declining earnings: Revenue increased 24.42% year on year in the first half of 2026, but net profit attributable to shareholders declined 16.70% and non-GAAP net profit attributable to shareholders declined 19.62%. Foreign-exchange losses, higher raw-material prices, the expansion of low-margin businesses and industry competition may continue to compress margins.
• Foreign-exchange risk: Foreign-exchange losses were approximately RMB 72.18 million in the first half of 2026, compared with foreign-exchange gains of approximately RMB 71.60 million in the same period last year. The company has production operations in Mexico, Malaysia and other overseas locations, so exchange-rate movements may significantly affect profits.
• Raw-material price and cost pass-through risk: Aluminum ingots are the core raw material for automotive die casting. In 2025, raw-material costs represented 52.66% of total automotive-product costs and 73.88% of total industrial-product costs. Although the company uses cost-plus and raw-material price linkage mechanisms, pass-through is subject to time lags and limitations on magnitude.
• Customer bargaining and annual price-reduction risk: Sales to the five largest customers represented 35.19% of annual sales in 2025. Auto-parts customers have stringent certification requirements and large procurement volumes, and OEMs and Tier 1 customers may affect the quality of revenue and gross margin through annual price reductions, cost reductions and intense procurement competition.
• Overseas capacity-utilization risk: Ramp-up, depreciation and operating expenses at facilities in Mexico, Malaysia and elsewhere may affect profitability. If industry capacity expansion outpaces demand growth, capacity utilization may decline and fixed-asset depreciation pressure may increase.
• New-business execution risk: Robotics, intelligent actuators, magnesium alloys, automotive micro-specialty motors, motor cores and optical-module structural components remain partly in the expansion stage or are still relatively small. Actual ramp-up may fall short of expectations and may not immediately offset pressure on traditional auto-parts profitability.
• Financing-arrangement risk relating to the Zhuoerbo transaction: The acquisition of 71% of Zhuoerbo has substantially completed implementation, but the original supporting financing approval expired because it was not implemented within the validity period. As of September 12, 2026, the company had not disclosed the final funding structure for the cash consideration or any new supporting or alternative financing arrangements.
• Equity-incentive and dilution risk: The total grant under the Seventh Restricted Stock Incentive Plan was adjusted to 15.8091 million shares. The shares will be sourced from repurchased shares and targeted share issuance, but the specific structure remained uncertain as of September 12, 2026. If targeted issuance is used, share dilution and incentive-expense effects may result.
• Inventory and working-capital risk: The book value of inventories at the end of 2025 was RMB 1.557 billion, up from RMB 1.135 billion at the end of 2024, including RMB 559 million of raw materials and RMB 687 million of finished goods. If business growth, raw-material stocking or overseas expansion does not translate into effective sales, inventory turnover and impairment pressure may increase.

8. Conclusion and Outlook

IKD’s medium- and long-term growth is underpinned by automotive lightweighting, higher penetration of new-energy-vehicle components, and its capabilities in multi-metal die casting, precision manufacturing, customer certification and overseas delivery. The company’s operating cash flow has been strong: net cash flow from operating activities was RMB 2.025 billion in 2025, higher than net profit attributable to shareholders in the same period. The Mexico Phase I plant’s turnaround to profitability, product-mix upgrades and scale effects supported earnings recovery in 2025. If overseas capacity utilization improves, foreign-exchange losses narrow, raw-material cost pass-through is restored and new businesses achieve scale, margins have room to recover.

The short-term outlook depends on whether revenue growth can translate into earnings growth. Revenue growth in the first half of 2026 was notably higher than in full-year 2025, but net profit attributable to shareholders and net cash flow from operating activities declined 16.70% and 37.37%, respectively, indicating that cost, exchange-rate, business-mix and competitive pressures have not been fully absorbed. Institutional consensus forecasts for 2026–2028 net profit attributable to shareholders are approximately RMB 1.307 billion, RMB 1.573 billion and RMB 1.851 billion, respectively. However, the forecast ranges and differences among institutions are substantial, and these figures do not constitute company earnings guidance. Whether future results meet expectations will depend on second-half earnings recovery, overseas capacity ramp-up and the actual expansion of robotics, magnesium alloys, motor cores and optical-module-related businesses.

Overall, the company benefits from manufacturing capabilities, accumulated customer certifications and new-business expansion, but it also faces constraints from annual price reductions by automotive customers, metal-material prices, exchange rates, overseas capacity utilization and industry capacity expansion. The current valuation is relatively low, but valuation recovery still depends on improved earnings quality and the realization of the company’s growth drivers. Investors should not make decisions solely on the basis of institutional target prices or forecast valuations.

Data Sources

• IKD Co., Ltd. 2025 Annual Report
• IKD (600933)_Company Announcements_IKD: 2024 Annual Report_Sina Finance_Sina.com
• IKD (600933)_Company Announcements_IKD: Relevant Bonds 2026 Tracking Rating Report_Sina Finance_Sina.com
• IKD (600933): Core Business Stable, Second Growth Curve Accelerating__Sina Finance_Sina.com
• IKD (600933)_Company Announcements_IKD: 2025 Annual Report_Sina Finance_Sina.com
• IKD (600933)_Company Announcements_IKD: Relevant Bonds 2025 Tracking Rating Report_Sina Finance_Sina.com
• IKD (600933)_Company Announcements_IKD: 2026 Interim Report Summary_Sina Finance_Sina.com
• IKD (600933) Earnings Forecast_F10_Tonghuashun Financial Services
• IKD (600933)_Company Announcements_IKD: 2026 First-Quarter Report_Sina Finance_Sina.com
• Research Report Indicator Express—Research Reports—Stock Channel—Stockstar
• IKD (600933) Earnings Forecast_F10_Tonghuashun Financial Services
• IKD (600933) 2026 Interim Results Review: Gross Margin Under Pressure; Cost Reduction, Efficiency Improvement and New Businesses Advancing in an Orderly Manner
• IKD (600933): Accelerating Expansion into Emerging Tracks and Globalization
• Earnings Forecast
• IKD (600933) Latest Stock Price, Real-Time Chart, Stock Analysis and Forecast_Investing.com
• IKD (600933) P/E Ratio | Valuation | Fundamentals—Lixinger
• IKD (600933)_Company Announcements_IKD: Announcement on Completion of Share Repurchase and Changes in Shares_Sina Finance_Sina.com
• IKD (600933)_Company Announcements_IKD: Resolution Announcement of the Second Extraordinary General Meeting of 2026_Sina Finance_Sina.com
• IKD (600933)_Company Announcements_IKD: Announcement on Adjustments to Relevant Matters under the Seventh Restricted Stock Incentive Plan_Sina Finance_Sina.com
• IKD (600933)_Company Announcements_IKD: List of Initial Grant Incentive Recipients under the Seventh Restricted Stock Incentive Plan (Grant Date)_Sina Finance_Sina.com
• IKD (600933)_Company Announcements_IKD: Announcement on Adjusting the Repurchase Price under the Sixth Restricted Stock Incentive Plan and Repurchasing and Cancelling Certain Restricted Shares Granted but Not Yet Released from Lock-up_Sina Finance_Sina.com
• IKD (600933)_Company Announcements_IKD: Announcement on Expiration of Approval for Issuance of Shares and Cash Purchase of Assets and Raising of Supporting Funds_Sina Finance_Sina.com
• IKD (600933)_Company Announcements_IKD: 2026 Interim Report_Sina Finance_Sina.com
• IKD (600933)_Company Announcements_IKD: Announcement on the 2026 Interim Results Presentation_Sina Finance_Sina.com
• IKD (600933)_Company Announcements_IKD: Proposal for Share Repurchase through Centralized Competitive Trading_Sina Finance_Sina.com
• IKD (600933)_Company Announcements_IKD: Announcement on Early Termination of Reduction Plan by Shareholders Holding More Than 5% and Persons Acting in Concert and Results of Share Reduction_Sina Finance_Sina.com
• IKD (600933)_Major Events and News Announcements—Investor Alerts—Sina Finance_Sina.com
• IKD (600933): 2026 Interim Results Presentation
• IKD (600933) Weekly Review: Down 5.13% This Week, Net Inflow of RMB 5.5025 Million in Main Funds—Stockstar
• IKD: Announcement on the 2026 Interim Results Presentation
• 600925 Suneng Co., Ltd.
• IKD: Announcement on the 2026 Interim Results Presentation—JiuFang Intelligent Investment
• Detailed Institutional Research _ Data Center _ Eastmoney
• IKD (600933.SH)—Real-Time Quote
• IKD: Announcement on the 2026 Interim Results Presentation _ Aidi Convertible Bond (110090) _ Announcement Text
• IKD Co Ltd, 600933:SHH profile—IKD Co Ltd
• BAIC BluePark: 4.65 -3.13% -0.15 600733 Sohu Securities
• IKD (sh600933) Price Trend—IKD (sh600933) September 9, 2026 15:56:42 (Beijing Time) + Add to Watchlist
• IKD (600933) Market Data and Charts—JiuFang Intelligent Investment
• IKD (600933)_Company Overview_Stock Price_Real-Time Quotes_Charts_News_Financials—FinScope
• IKD (sh600933) Stock Price_Real-Time Quotes_Charts—Sina Finance
• IKD Co., Ltd. (600933.SS) Stock Price, News, Quote & History—Yahoo Finance
• IKD Co., Ltd. (SHA:600933) Statistics & Valuation Metrics
• IKD Co., Ltd. Share Price (600933)—Stock Shanghai S.E.—MarketScreener India—435aec6d1a2a210027.0XqoI0EYu-rMNQgNOlYZQ59SZzl2GDc9XZfDOdfsq7o
• IKD (600933.SH)—SH/SZ-HK Stock Connect Detail Quote
• 600933: IKD Co Ltd—MSN Money—600933
• IKD (600933)_Stock Quotes, Market Overview—CFi.cn
• IKD Down 2.00%, Trading Value RMB 38.0360 Million, Main Funds Net Outflow RMB 23,300
• IKD (600933) Capital Flows _ Data Center _ Eastmoney
• Stock Market Flash: IKD (600933) Main Funds Net Sold RMB 3.3546 Million on September 2—Stockstar
• IKD 13.33 -1.48%_Stock Quotes_ JiuFang Intelligent Investment
• IKD (600933) Individual Stock Capital Flow Query_Stock Quotes_Tonghuashun Finance
• IKD (600933.SH)
• IKD (600933)_Company Overview_Stock Price_Real-Time Quotes_Charts_News_FinScope
• e Company, the First Platform for Listed-Company Information
• IKD (600933) Investor Ratings _ Data Center _ Eastmoney
• IKD (600933)_Latest Price_Quotes_Charts—Eastmoney
• IKD (600933) Technical Analysis, Future Forecast and Trading Recommendations—Investing.com
• IKD (600933.SH)—Technical Chart)/cnhk/analysis/tech-chart.aspx?shsymbol=600933#1)
• Technical Analysis of IKD A Shares (600933)—Investing.com Portugal
• IKD (600933) Technical Analysis
• IKD (600933.SH)—-0.20
• IKD Co Ltd Class A Technical Analysis (600933)—Investing.com Türkiye
• IKD 12.77 -0.22 (-1.69%) Latest Price_Quotes_Charts—Eastmoney
• IKD (600933) Historical Data: Historical Quotes, Prices and Charts—Investing.com
• IKD Co. Ltd. A Financials | 600933 | Barron's—IKD Co. Ltd. A
• Bank of China (Hong Kong) Limited
• IKD (600933) Stock Price and News—Google Finance
• Guosen Securities: IKD (600933)—First-Half Revenue Growth of 24%, Steady Progress in Emerging-Business Product Portfolio—260909 (7 pages).pdf
• IKD Co. Ltd. A Company & People | 600933 | Barron's—IKD Co. Ltd. A
• IKD Co., Ltd. (600933.SS) Stock Historical Prices & Data—Yahoo Finance
• IKD (600933.SS) Historical Share Prices and Data—Yahoo Finance—May 26, 2026 | 17.67 | 17.83 | 17.29 | 17.61 | 17.14 | 16,079,631

This report was automatically retrieved, compiled and generated by AI based on publicly available information. The information is current as of the September 11, 2026 close (some technical indicators are based on different timestamps, as noted in the relevant fields) and may contain timing discrepancies. Specific data should be confirmed against the company’s official announcements and authoritative data terminals. This report is for information organization and research reference only and does not constitute investment advice. Investors should make independent judgments and bear their own investment risks.