YDC(605555) 天风证券·2025-04-22 10:23Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected relative return of over 20% within six months [6][18]. Core Views - 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% year-on-year [1][2]. - The automotive parts business showed remarkable growth, achieving a revenue increase of 104.54% year-on-year, with a total sales amount exceeding 2.3 billion yuan from newly added projects [2][4]. - The company is expanding its product lines and customer base, with successful certifications for new products like dishwashers, indicating a proactive approach to market opportunities [2][4]. Financial Performance - In 2024, the company achieved a gross margin of 17.36%, with specific margins for different segments: vacuum cleaners at 15.67%, small appliances at 17.80%, and automotive motors at 21.65% [3]. - The net profit margin for 2024 was 10.0%, reflecting a slight decrease of 1.6 percentage points year-on-year [3]. - The company plans to distribute a cash dividend of 3.5 yuan per 10 shares, with a dividend payout ratio of 31.72% [1]. Revenue and Profit Forecast - The company forecasts continued growth in net profit, estimating 520 million yuan for 2025, 640 million yuan for 2026, and 750 million yuan for 2027, with corresponding P/E ratios of 14.0x, 11.5x, and 9.7x [4][5]. - Revenue is expected to grow at a rate of 26.45% in 2025, 18.83% in 2026, and 16.78% in 2027 [5][12]. Market Position and Strategy - The company is recognized for its comprehensive capabilities in the automotive parts sector, with a supply volume exceeding 2 million units in 2024, indicating a growing scale effect [4]. - Plans for overseas capacity expansion include new factories in Vietnam and Thailand, aimed at ensuring stable and flexible product supply [4]. - The company is committed to deepening its expertise in motor technology, focusing on a strategic development model that includes vacuum cleaners, small appliances, and EPS motors [4].