Yiheda(301029) 民生证券·2024-10-29 09:15Investment Rating - The report maintains a "Recommend" rating for the company [2][4] Core Views - The company's revenue for 2024Q1-Q3 was RMB 1.857 billion, a year-on-year decrease of 15.72%, with net profit attributable to the parent company of RMB 328 million, down 27.31% year-on-year [2] - In 2024Q3, the company's revenue was RMB 627 million, a year-on-year decrease of 7.35%, while net profit attributable to the parent company increased by 0.31% year-on-year to RMB 106 million [2] - The company's gross profit margin in 2024Q3 was 35.05%, a slight year-on-year decrease of 0.55 percentage points, while the net profit margin increased by 1.29 percentage points year-on-year to 16.85% [2] - The company's operating cash flow improved, with a year-on-year increase of RMB 36 million in 2024Q3, and the inventory turnover days decreased by 8.25 days year-on-year to 108.61 days [2] - The company raised approximately RMB 864 million through a private placement to expand production capacity, with a total investment of RMB 2.695 billion for two major bases [2] - The company is expected to achieve net profit attributable to the parent company of RMB 433 million, RMB 557 million, and RMB 650 million for 2024-2026, with corresponding P/E ratios of 36x, 28x, and 24x [2] Financial Performance - The company's revenue for 2024E is expected to be RMB 2.569 billion, a year-on-year decrease of 10.84%, with net profit attributable to the parent company of RMB 433 million, down 20.59% year-on-year [3][5] - The company's revenue for 2025E is expected to be RMB 3.206 billion, a year-on-year increase of 24.81%, with net profit attributable to the parent company of RMB 557 million, up 28.48% year-on-year [3][5] - The company's revenue for 2026E is expected to be RMB 3.696 billion, a year-on-year increase of 15.27%, with net profit attributable to the parent company of RMB 650 million, up 16.77% year-on-year [3][5] - The company's gross profit margin for 2024E is expected to be 35.59%, with a net profit margin of 16.86% [5] - The company's ROE for 2024E is expected to be 13.36%, with a total asset turnover rate of 0.69 [5] Operational Efficiency - The company's three expense ratios (sales/management/R&D) in 2024Q3 were 5.3%, 7.3%, and 3.8%, respectively, with year-on-year decreases of 0.67, 0.23, and 1.60 percentage points [2] - The company's fixed asset turnover days increased from 85.18 days in 2023Q1-Q3 to 98.53 days in 2024Q1-Q3, while total asset turnover days increased from 431.17 days to 534.97 days [2] - The company's cash received from sales of goods and services as a percentage of revenue reached 90.46% in 2024Q1-Q3, a year-on-year increase of 12.84 percentage points [2] Valuation and Forecast - The company's EPS for 2024E is expected to be RMB 0.75, with a P/E ratio of 36x [3][5] - The company's EPS for 2025E is expected to be RMB 0.97, with a P/E ratio of 28x [3][5] - The company's EPS for 2026E is expected to be RMB 1.13, with a P/E ratio of 24x [3][5] - The company's PB ratio for 2024E is expected to be 4.8x, with an EV/EBITDA ratio of 25.37x [3][5]