YDC(SH:605555) Shenwan Hongyuan Securities·2025-08-31 06:16Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's revenue met expectations, but its performance fell short. In the first half of 2025, the company achieved a revenue of 2.068 billion yuan, a year-on-year increase of 11%, while the net profit attributable to the parent company was 111 million yuan, a year-on-year decrease of 47% [6] - The home appliance business saw a slowdown in growth, while the automotive parts business continued to experience high growth. The home appliance segment generated 1.743 billion yuan in revenue, up 6.02% year-on-year, while the automotive parts segment achieved 281 million yuan, a significant increase of 89.86% year-on-year [6] - The company is facing challenges due to U.S. tariff policies affecting exports and production, but it is expected that the profitability will recover as overseas production capacity is gradually released and product structure upgrades are implemented [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 4.917 billion yuan, with a year-on-year growth rate of 20.1%. The net profit attributable to the parent company is projected to be 431 million yuan, reflecting a growth of 4.8% [2][8] - The earnings per share (EPS) for 2025 is estimated at 0.89 yuan, with a projected price-to-earnings (PE) ratio of 20 [2][8] - The gross profit margin is expected to be 16.6% in 2025, with a return on equity (ROE) of 13.1% [2][8] Market Data - As of August 29, 2025, the closing price of the company's stock was 17.59 yuan, with a market capitalization of 8.515 billion yuan [3] - The stock has a price-to-book ratio of 2.8 and a dividend yield of 1.99% [3]