YDC(605555) 民生证券·2024-10-30 03:09Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company achieved a significant revenue increase of 40.33% year-on-year, reaching 2.987 billion yuan in the first three quarters of 2024, while net profit grew by 14.50% to 302 million yuan [2]. - The revenue growth is attributed to the expansion of new product categories with major clients and the ramp-up of the automotive EPS motor business [2]. - The report forecasts revenue for 2024-2026 to be 3.969 billion, 4.975 billion, and 6.080 billion yuan, with corresponding year-on-year growth rates of 43.0%, 25.3%, and 22.2% [2][3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 1.124 billion yuan, a year-on-year increase of 42.99%, and a net profit of 94 million yuan, up 2.78% year-on-year [2]. - The gross margin for the first three quarters of 2024 was 17.58%, down 0.75 percentage points year-on-year, while the net profit margin was 10.10%, down 2.28 percentage points [2]. - The company’s financial metrics indicate a projected PE ratio of 18, 14, and 11 for the years 2024, 2025, and 2026, respectively [3][5].