YDC(605555) 华安证券·2025-04-22 10:23Investment 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 in the automotive parts sector, benefiting from domestic substitution potential [7][9] - Revenue projections for 2025-2027 are estimated at 5.18 billion, 6.30 billion, and 7.47 billion yuan, reflecting year-on-year growth rates of 26.4%, 21.7%, and 18.7% respectively. The net profit attributable to the parent company is forecasted to be 500 million, 610 million, and 740 million yuan, with corresponding growth rates of 22.7%, 21.8%, and 20.0% [7][10] Revenue Analysis - All three major business segments are accelerating in growth, with significant increases in revenue across the board. The company reported a revenue of 4.095 billion yuan for 2024, a year-on-year increase of 47.6% [9][10] Profitability Analysis - The company’s profitability is enhanced by foreign exchange gains. The gross margin for 2024 is projected to be 17.4%, with a gradual increase expected in subsequent years [10][12] - The net profit margin for 2024 is expected to be 10.0%, with improvements in operational efficiency reflected in reduced expense ratios [12] Financial Forecast - 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]