YDC(605555) 华安证券·2025-04-22 08:56Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing rapid growth across multiple business segments, with significant contributions from its home appliance and automotive parts divisions. The production capacity in Vietnam and Thailand is already established, and there is a strong order backlog benefiting from domestic substitution potential [7][9] - Revenue and profit forecasts for 2025-2027 are optimistic, with expected revenues of 5.18 billion, 6.30 billion, and 7.47 billion yuan, representing year-on-year growth of 26.4%, 21.7%, and 18.7% respectively. Net profit attributable to the parent company is projected to be 500 million, 610 million, and 740 million yuan, with year-on-year growth of 22.7%, 21.8%, and 20.0% respectively [7][10] Revenue Analysis - All three major business segments are accelerating, with significant year-on-year revenue growth reported. The company achieved a total revenue of 4.095 billion yuan in 2024, reflecting a 47.6% increase compared to the previous year [9][10] Profitability Analysis - The company’s profitability is enhanced by foreign exchange gains. The gross margin for 2024 is expected to be 17.4%, with a gradual increase projected in subsequent years [7][10] - The net profit margin for 2024 is reported at 10.0%, with improvements in expense ratios contributing to overall profitability [11][12] Financial Projections - Key financial metrics for 2024A to 2027E include: - Revenue: 4,095 million (2024), 5,176 million (2025), 6,296 million (2026), 7,473 million (2027) - Net profit: 411 million (2024), 504 million (2025), 614 million (2026), 736 million (2027) - EPS: 1.10 (2024), 1.35 (2025), 1.65 (2026), 1.98 (2027) [10][11]