YTCO(SH:600066) Guohai Securities·2024-10-30 08:02Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][8] Core Views - The company's Q3 2024 performance met expectations, with a revenue of 7.739 billion yuan, a year-on-year decrease of 1.25%, and a net profit attributable to shareholders of 758 million yuan, a year-on-year increase of 30.67% [3][4] - The decline in gross margin in Q3 2024 was primarily due to changes in accounting standards, but the actual profitability remained stable [4] - The company is expected to see a rebound in sales and performance in Q4 2024, driven by seasonal recovery and order rhythm [4] Summary by Sections Financial Performance - In Q3 2024, the company achieved a gross margin of 12.32%, down 10.83 percentage points year-on-year and 13.78 percentage points quarter-on-quarter [4] - The net profit margin was 9.98%, an increase of 2.53 percentage points year-on-year [4] - Total sales volume in Q3 2024 was 10,800 units, a year-on-year decrease of 3.14% and a quarter-on-quarter decrease of 15.70% [4] Market Data - Current stock price is 25.66 yuan, with a 52-week price range of 12.36 to 30.05 yuan [4] - The total market capitalization is approximately 56.81 billion yuan [4] Dividend Information - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 1.107 billion yuan [4] Earnings Forecast - Projected revenues for 2024-2026 are 33.019 billion, 35.040 billion, and 38.420 billion yuan, respectively, with expected growth rates of 22%, 6%, and 10% [6][8] - Expected net profits for the same period are 3.250 billion, 3.829 billion, and 4.454 billion yuan, with growth rates of 79%, 18%, and 16% [6][8]