YDC(SH:605555)2024-09-02 07:44Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][5]. Core Insights - The company's revenue performance aligns with the mid-year forecast, achieving a revenue of 1.862 billion yuan in H1 2024, representing a 39% year-on-year growth. The net profit attributable to shareholders reached 207 million yuan, up 21% year-on-year [4][5]. - The small home appliance segment is experiencing rapid growth, with significant contributions from major clients. The home appliance business generated 1.644 billion yuan in revenue, a 37% increase year-on-year, while the automotive parts business saw a 69% increase, reaching 148 million yuan [4][5]. - The automotive parts business is entering a phase of rapid growth, with a net profit margin expected to exceed 5% in H1 2024. The company has established partnerships with several leading global clients and is focusing on high-value projects [5]. Financial Summary - For H1 2024, the company reported total revenue of 1.862 billion yuan, with a year-on-year growth rate of 38.8%. The net profit attributable to shareholders was 207 million yuan, reflecting a 20.8% increase [7]. - The company forecasts revenues of 3.677 billion yuan, 4.537 billion yuan, and 5.561 billion yuan for 2024E, 2025E, and 2026E respectively, with corresponding year-on-year growth rates of 32.5%, 23.4%, and 22.6% [7]. - The earnings per share (EPS) are projected to be 1.17 yuan, 1.40 yuan, and 1.60 yuan for 2024E, 2025E, and 2026E respectively, indicating a positive growth trajectory [7].