YTCO(SH:600066) GOLDEN SUN SECURITIES·2024-10-29 13:53Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's Q3 2024 performance met expectations, with revenue of 24.075 billion yuan, a year-on-year increase of 27.04%, and a net profit of 2.432 billion yuan, up 131.49% year-on-year [1] - The company plans to distribute a cash dividend of 5 yuan per 10 shares to all shareholders, reflecting a strong commitment to shareholder returns [1] - The company has a robust order backlog for overseas sales, with exports in September 2024 reaching 1,088 units, a month-on-month increase of 25%, indicating a positive outlook for Q4 2024 [2] - The company has maintained a high dividend payout ratio of 45.5%, with cumulative dividends since listing reaching 38.5% of financing [2] - Profit forecasts for 2024-2026 are 3.317 billion yuan, 4.023 billion yuan, and 4.847 billion yuan respectively, with corresponding PE ratios of 17, 14, and 11 times [2] Financial Performance Summary - For 2024, the company is expected to achieve revenue of 33.257 billion yuan, with a year-on-year growth rate of 23% [4] - The net profit for 2024 is projected to be 3.317 billion yuan, reflecting a year-on-year growth rate of 82.6% [4] - The latest diluted EPS is expected to be 1.50 yuan per share for 2024, with a net asset return rate of 20.7% [4] - The company’s PE ratio is projected to decrease from 30.1 in 2023 to 16.5 in 2024, indicating improving valuation [4]