YDC(SH:605555) ZHONGTAI SECURITIES·2026-01-05 05:59Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [5][15]. Core Insights - The company has successfully transitioned from vacuum cleaner manufacturing to becoming a leader in domestic automotive EPS motor production, with a projected revenue of 4 billion yuan from automotive parts in 2024 [7]. - The company is also strategically investing in humanoid robotics, which is anticipated to become a significant growth driver alongside its automotive components business [7]. - The household appliance segment is expected to grow steadily, with revenues projected at 21 billion yuan in 2024, driven by new product categories despite short-term profit pressures from tariffs [7][12]. - The automotive parts segment is experiencing rapid growth, with revenues expected to reach 4 billion yuan in 2024, reflecting a significant increase from previous years [7][12]. - The company is diversifying its product offerings to reduce reliance on major clients, with the share of vacuum cleaner revenue decreasing from 71% in 2022 to an expected 52% in 2024 [7]. Financial Projections - Revenue projections for the company are as follows: 2,775 million yuan in 2023, 4,095 million yuan in 2024, 4,715 million yuan in 2025, 5,486 million yuan in 2026, and 6,478 million yuan in 2027, with growth rates of 43%, 48%, 15%, 16%, and 18% respectively [5][9]. - The net profit is forecasted to be 322 million yuan in 2023, 411 million yuan in 2024, 220 million yuan in 2025, 397 million yuan in 2026, and 632 million yuan in 2027, with growth rates of 8%, 28%, -47%, 81%, and 59% respectively [5][9]. - The earnings per share (EPS) are projected to be 0.87 yuan in 2023, 1.10 yuan in 2024, 0.45 yuan in 2025, 0.82 yuan in 2026, and 1.31 yuan in 2027 [5][9]. Valuation and Comparables - The company is compared with peers in the vacuum cleaner and small household appliance sectors, with an average P/E ratio of 30x for 2025, 24x for 2026, and 21x for 2027, indicating that the company has a favorable growth outlook with lower projected valuation multiples [10][11]. - The report highlights that the company's growth potential is significant, with a projected P/E of 40x for 2025, 22x for 2026, and 14x for 2027, which is lower than comparable companies, suggesting a margin of safety for investors [10][11].