YDC(SH:605555) KAIYUAN SECURITIES·2024-08-29 10:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue growth in Q2 2024, driven by the continued ramp-up of orders from SharkNinja and automotive components [3][9] - In H1 2024, the company reported revenue of 1.862 billion yuan (up 38.77% year-on-year) and a net profit attributable to shareholders of 207 million yuan (up 20.78%) [3][14] - The company maintains its profit forecast, expecting net profits of 410 million, 540 million, and 670 million yuan for 2024-2026, with corresponding EPS of 1.10, 1.44, and 1.81 yuan [14] Summary by Sections 1. Revenue Growth in Q2 2024 - In Q2 2024, the company achieved revenue of 1.038 billion yuan (up 33.42% year-on-year) and a net profit of 122 million yuan (down 5.8%) [3][9] - The home appliance and automotive motor segments continued to show high growth, with the home appliance business benefiting from new projects with SharkNinja and HOT [11][14] 2. Margin and Expense Analysis - The gross margin for Q2 2024 was 17.9%, reflecting a year-on-year increase of 0.6 percentage points [12][13] - The expense ratio for Q2 2024 was 4.82%, an increase of 6.94 percentage points year-on-year, primarily due to fluctuations in financial expenses related to exchange rate changes [12][13] 3. Profit Forecast and Investment Recommendations - The company expects to maintain its profit growth trajectory, with projected net profits of 4.1 billion, 5.4 billion, and 6.7 billion yuan for 2024-2026 [14] - The current stock price corresponds to P/E ratios of 14.5, 11.0, and 8.8 for the years 2024, 2025, and 2026, respectively, supporting the "Buy" rating [14]