YTCO(600066) 东吴证券·2025-01-21 23:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 38.2 to 42.7 billion yuan in 2024, representing a year-on-year increase of 110% to 135%, which is above expectations [8] - In Q4 2024, the company anticipates a net profit of 1.61 billion yuan, a year-on-year increase of 110% to 113%, driven by the increase in the fair value of financial assets [8] - The company achieved a record high net profit per vehicle of 103,600 yuan in Q4 2024, with sales reaching 15,572 units, the highest since 2020, benefiting from economies of scale and optimized sales structure [8] - The company has increased its revenue forecasts for 2024 and 2025 to 36.5 billion yuan and 42.9 billion yuan, respectively, while maintaining the 2026 forecast at 49.9 billion yuan [8] Financial Performance Summary - Total revenue for 2022 was 21.799 billion yuan, with a projected increase to 36.481 billion yuan in 2024, reflecting a year-on-year growth of 34.90% [1] - The net profit attributable to shareholders for 2022 was 759.14 million yuan, expected to rise to 4.062 billion yuan in 2024, indicating a year-on-year growth of 123.54% [1] - The latest diluted EPS is projected to be 1.83 yuan in 2024, with a P/E ratio of 15.41 [1] - The company's total assets are expected to reach 35.346 billion yuan in 2024, with a debt-to-asset ratio of 61.12% [9]