YDC(605555) 开源证券·2024-10-29 09:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3]. Core Views - The company's home appliance OEM business is expected to gradually expand its revenue boundaries by binding with advantageous major clients, while new projects such as dishwashers and automotive motors are anticipated to drive profit growth [2]. - The SharkNinja and HOT major clients are projected to maintain high growth momentum due to new project contributions, with HOT expected to achieve high double-digit growth and SharkNinja projected to double its quarterly growth [2]. - The automotive motor business is entering a peak season, with expectations for improved profitability as scale increases [2]. Financial Performance Summary - In Q3 2024, the company achieved revenue of 1.124 billion yuan, representing a year-on-year increase of 40.33%, and a net profit of 302 million yuan, up 14.5% year-on-year [3]. - The gross profit margins for Q1, Q2, and Q3 of 2024 were 17.4%, 17.9%, and 17.4%, respectively, with a year-on-year change of -0.7%, +0.6%, and -2.1 percentage points [2]. - The net profit margin for Q1, Q2, and Q3 of 2024 showed year-on-year changes of +2.87%, -4.89%, and -3.29% respectively, primarily due to increased exchange losses and reduced dollar interest [2]. Revenue and Profit Forecast - The company forecasts revenue growth from 2.775 billion yuan in 2023 to 3.807 billion yuan in 2024, representing a year-on-year increase of 37.2% [4]. - The projected net profit for 2024 is 408 million yuan, reflecting a year-on-year growth of 26.6% [4]. - The expected EPS for 2024 is 1.10 yuan, with a P/E ratio of 18.0 times [4].