YDC(SH:605555) Tianfeng Securities·2024-10-31 13:00Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [3][11]. Core Insights - The company achieved a revenue of 2.99 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 40.33%. The net profit attributable to the parent company was 300 million yuan, up 14.50% year-on-year [1]. - In Q3 2024, the company reported a revenue of 1.12 billion yuan, a year-on-year increase of 42.99%, while the net profit was 94.44 million yuan, reflecting a growth of 2.78% year-on-year [1]. - The company is actively pursuing a multi-category strategy, with significant contributions from its home appliance and automotive parts businesses, and has begun production of dishwashers following certifications [1]. - The gross margin for Q3 2024 was 17.4%, down 2.1 percentage points year-on-year, primarily due to depreciation from new facilities and the investment phase of new businesses [1]. - The company is expected to achieve net profits of 390 million, 490 million, and 590 million yuan for the years 2024, 2025, and 2026 respectively, with adjusted profit forecasts due to short-term gross margin pressures [1]. Financial Data Summary - The company’s projected revenue for 2024 is 3.84 billion yuan, with a growth rate of 38.54%. By 2026, revenue is expected to reach 5.53 billion yuan, with a growth rate of 16.60% [2][6]. - The net profit attributable to the parent company is forecasted to be 389.56 million yuan in 2024, increasing to 585.13 million yuan by 2026, with corresponding growth rates of 20.91% and 19.42% [2][6]. - The earnings per share (EPS) is projected to be 1.05 yuan in 2024, rising to 1.57 yuan in 2026 [2][6]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 19.05 in 2024 to 12.68 in 2026, indicating improving valuation metrics [2][6].