YDC(605555) 天风证券·2025-04-22 09:43Investment Rating - The investment rating for the company is "Buy" with a target price expected to yield over 20% relative return within six months [6][18]. Core Insights - The company reported a significant revenue increase of 47.56% year-on-year, reaching 4.095 billion yuan in 2024, with a net profit of 411 million yuan, up 27.51% [1][5]. - The company is expanding its product categories and customer base, with notable growth in its automotive parts business, which saw a revenue increase of 104.54% [2][4]. - The company is actively pursuing market opportunities, including certifications for new products like dishwashers, and is expanding its production capacity in Vietnam and Thailand [2][4]. Financial Performance - In Q4 2024, the company achieved a revenue of 1.108 billion yuan, a year-on-year increase of 71.36%, and a net profit of 109 million yuan, up 85.81% [1][3]. - The gross margin for 2024 was reported at 17.36%, with the automotive motor segment showing a significant improvement in profitability [3][12]. - The company plans to construct a new facility in Ningbo with an annual production capacity of 1.2 million smart kitchen appliances, which is expected to contribute to future revenue [4][11]. Revenue and Profit Forecast - The company forecasts revenues of 5.178 billion yuan in 2025, 6.153 billion yuan in 2026, and 7.186 billion yuan in 2027, with corresponding net profits of 524 million yuan, 637 million yuan, and 752 million yuan respectively [5][12]. - The expected growth rates for revenue are 26.45% in 2025, 18.83% in 2026, and 16.78% in 2027 [5][13]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 17.84 in 2024 to 9.74 in 2027, indicating an attractive valuation as earnings grow [5][12]. - The price-to-book (P/B) ratio is expected to decline from 2.43 in 2024 to 1.74 in 2027, further supporting the investment case [5][12].