YDC(605555) 申万宏源证券·2025-04-22 08:14Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's revenue performance exceeded expectations, with total revenue for 2024 reaching 40.95 billion yuan, a year-on-year increase of 48%. The net profit attributable to shareholders was 4.11 billion yuan, up 28% year-on-year [7] - The vacuum cleaner and small appliance businesses achieved rapid growth, with vacuum cleaner revenue at 21.24 billion yuan (up 30.22%) and small appliances at 13.86 billion yuan (up 68.60%). The company also invested 1.38 billion yuan in R&D, a 36.17% increase [7] - The automotive parts business saw significant revenue growth of 4.12 billion yuan, a 104.54% increase, with a gross margin improvement of 11.37 percentage points to 21.65% [7] - The company has established a research and development center in Vietnam and is expanding its product offerings, including a new dishwasher line [7] - Profit forecasts have been slightly adjusted for 2025 and 2026, with expected net profits of 4.72 billion yuan and 5.36 billion yuan, respectively, reflecting growth rates of 15.0% and 13.6% [7] Financial Data Summary - Total revenue projections for the company are as follows: 2023: 2,775 million yuan, 2024: 4,095 million yuan, 2025E: 5,158 million yuan, 2026E: 6,288 million yuan, 2027E: 7,504 million yuan [6][9] - Net profit projections are: 2023: 322 million yuan, 2024: 411 million yuan, 2025E: 472 million yuan, 2026E: 536 million yuan, 2027E: 673 million yuan [6][9] - The company’s gross margin is projected to be 19.1% in 2023, decreasing to 17.4% in 2024, and then stabilizing around 18% in the following years [6]