YDC(SH:605555) Yong Xing Zheng Quan·2024-09-09 03:00Investment Rating - The report maintains a "Buy" rating for the company [3][9]. Core Insights - The company's home appliance and automotive parts businesses are experiencing significant growth, with a notable increase in revenue and net profit for the first half of 2024 [1]. - The home appliance segment generated revenue of 1.644 billion yuan, up 37.00% year-on-year, while the automotive parts segment saw revenue of 148 million yuan, up 68.88% year-on-year [1]. - The company is focusing on expanding its product range in home appliances and enhancing its overseas market presence, while also investing in R&D and digital factory initiatives [1]. - The EPS motor business is entering a high growth phase, with new customer contracts and a focus on innovation to maintain a competitive edge [1]. Financial Summary - For the first half of 2024, the company reported total revenue of 1.862 billion yuan, a year-on-year increase of 38.77%, and a net profit of 207 million yuan, up 20.78% year-on-year [1]. - The projected revenues for 2024, 2025, and 2026 are 3.585 billion yuan, 4.388 billion yuan, and 5.270 billion yuan, respectively, with year-on-year growth rates of 29.2%, 22.4%, and 20.1% [2]. - The projected net profits for the same years are 417 million yuan, 519 million yuan, and 638 million yuan, with growth rates of 29.5%, 24.5%, and 22.9% [2]. - The expected EPS for 2024, 2025, and 2026 are 1.12 yuan, 1.39 yuan, and 1.71 yuan, with corresponding P/E ratios of 14.22, 11.42, and 9.30 [2].