YDC(605555) 国盛证券·2025-04-22 05:44Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company achieved a revenue of 4.09 billion yuan in 2024, representing a year-on-year growth of 47.6%. The net profit attributable to shareholders was 410 million yuan, up 27.5% year-on-year [1]. - The automotive motor business saw significant growth, with revenue increasing by 104.5% to 410 million yuan, and a gross margin improvement of 11.4 percentage points [1]. - The company is actively expanding its overseas production capacity, with projects in Vietnam and Thailand aimed at enhancing supply stability and flexibility [2]. Financial Performance - The overall gross margin slightly decreased by 1.7 percentage points to 17.4% in 2024, with a net profit margin of 10.0%, down 1.6 percentage points year-on-year [2]. - The company expects net profits for 2025, 2026, and 2027 to be 477 million, 593 million, and 725 million yuan respectively, with growth rates of 16.2%, 24.3%, and 22.2% [3]. - The earnings per share (EPS) for 2024 is projected at 1.10 yuan, with a price-to-earnings (P/E) ratio of 17.6 [5][6]. Business Segments - Revenue from vacuum cleaners reached 2.12 billion yuan, growing by 30.2%, while small home appliances generated 1.39 billion yuan, up 68.6% [1]. - The company is diversifying its customer base and product categories, enhancing its market presence both domestically and internationally [2].