YDC(SH:605555)2024-10-29 06:12Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6][5]. Core Insights - The company's revenue exceeded expectations with a total of 2.987 billion yuan for Q1-Q3 2024, representing a year-on-year growth of 40%. However, the net profit of 302 million yuan was below expectations, primarily due to foreign exchange losses from the appreciation of the RMB against the USD [4][6]. - The small appliance segment is experiencing rapid growth, with strategic partnerships expected to double orders for the year. The company is also expanding its product offerings, including the introduction of dishwashers [5][6]. - The automotive parts business is showing stable profitability, with a projected net profit margin exceeding 5% for H1 2024. The company has secured new projects with significant sales potential [6][5]. Financial Summary - For 2024, the company is projected to achieve total revenue of 3.677 billion yuan, with a year-on-year growth rate of 32.5%. The net profit is expected to reach 398 million yuan, reflecting a growth rate of 23.7% [8][9]. - The earnings per share (EPS) is forecasted to be 1.07 yuan for 2024, with a corresponding price-to-earnings (PE) ratio of 19 [8][9]. - The company's gross margin is expected to stabilize around 18% for 2024, with a return on equity (ROE) projected at 13.3% [8][9].