YONGDA AUTO(03669) 智通财经·2025-03-31 03:55Core Viewpoint - The report maintains the net profit forecast for Yongda Automobile (03669) for 2025 and introduces a net profit estimate of 462 million yuan for 2026, with a target price increase of 29.9% to 3.00 HKD, reflecting a valuation uplift in the sector [1] Financial Performance - For 2024, the company achieved revenue of 63.42 billion yuan, a year-on-year decrease of 14.64%, and a net profit of 201 million yuan, down 64.94% year-on-year [2] - In the second half of 2024, revenue was 32.38 billion yuan, a year-on-year decline of 16.13% but a quarter-on-quarter increase of 4.35%, with a net profit of 89 million yuan, down 46.20% year-on-year and 19.85% quarter-on-quarter [2] Sales and Growth Drivers - The decline in revenue is primarily attributed to pressure in the traditional fuel vehicle market, with luxury and mid-to-high-end brand sales down 12.79% and 13.59% respectively [3] - The independent new energy brand saw a 23.4% increase in new car sales to 11,085 units, driven by a higher proportion of high-value models, leading to an 84.63% increase in revenue to 3.018 billion yuan [3] - The company expects revenue structure optimization and a potential increase in new energy vehicle sales to over 15% by 2025, supported by new model launches [3] Profitability and Cost Management - The gross margin for 2024 decreased by 0.69 percentage points to 8.32%, mainly due to intense price competition affecting new car sales and related services [4] - The company managed to reduce selling and administrative expenses by 0.22 percentage points to 7.71%, aided by the closure of 22 inefficient stores and the implementation of cost-saving digital tools [4] - The high-margin maintenance business, with a gross margin exceeding 40%, is expected to support profitability as new energy high-margin models are launched [4] Shareholder Returns and Strategic Focus - The total dividend for 2024 was 240 million yuan, with a payout ratio of 120%, emphasizing the company's commitment to shareholder returns [5] - The company plans to increase the proportion of new energy vehicle sales to 50% and luxury vehicle sales to 40% by 2026, while also exploring new business areas such as battery recycling and smart robotics [5]