YDC(SH:605555) Tianfeng Securities·2025-09-02 10:43Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment due to significant profit decline in the first half of 2025 [6]. Core Views - The company is under pressure in its operational phase but is focusing on developing a new growth area in robotics [1]. - The home appliance business showed a revenue increase of 6.02% year-on-year, while the automotive parts business experienced a remarkable growth of 89.86% [2]. - The company is collaborating with leading humanoid robot firms to develop core joint motors, successfully delivering sample products that meet customer performance requirements [2]. - The profit margin has been affected by multiple factors, including a decrease in gross margin and increased expenses, but there is potential for recovery as overseas production capacity is gradually released [3]. - The long-term growth logic of the company remains clear, with strategic partnerships established with major international appliance brands and a positive outlook for the kitchen appliance segment [4]. Financial Summary - In the first half of 2025, the company achieved a revenue of 2.07 billion yuan, a year-on-year increase of 11.0%, but the net profit attributable to the parent company fell by 46.5% to 110 million yuan [1]. - The projected net profits for 2025-2027 are adjusted to 320 million, 430 million, and 550 million yuan respectively, reflecting a downward revision due to the profit decline in the first half of 2025 [4]. - The company’s revenue is expected to grow at rates of 43.19%, 47.56%, 15.23%, 18.63%, and 18.33% from 2023 to 2027 [5]. - The dynamic PE ratios for 2025-2027 are projected to be 25.9x, 19.1x, and 15.0x respectively [4].