Yiheda(301029) 长江证券·2024-03-03 16:00Investment Rating - The report maintains a "Buy" rating for YHD (301029 SZ) with expected net profits of 560 million, 630 million, and 800 million yuan for 2023-2025, corresponding to P/E ratios of 29x, 25x, and 20x respectively [8] Core Business and Market Position - YHD is a leading domestic FA factory automation parts supplier, offering a one-stop supply model with over 1 6 million SKUs and serving more than 70,000 customers [26] - The company has established strong brand recognition in industries such as new energy lithium batteries, 3C, automotive, photovoltaic, and industrial robotics [26] Global Expansion Strategy - YHD is systematically advancing its internationalization strategy by providing global supply chain support for equipment parts procurement [7] - The company is enhancing its global influence through standard certification, brand channels, quality services, supply models, and market operations [7] Financial Performance and Projections - Revenue is projected to grow from 2 515 million yuan in 2022 to 3 906 million yuan in 2025 [15] - Net profit attributable to parent company is expected to increase from 506 million yuan in 2022 to 795 million yuan in 2025 [15] - Gross margin remains stable at around 38-39% from 2022 to 2025 [15] Corporate Governance and Shareholder Returns - YHD is optimizing its governance structure and strengthening investor communication [3] - The company has consistently paid dividends, with cash dividends of 120 million yuan in 2021 and 144 million yuan in 2022 [27] Industry Position and Competitive Advantage - YHD has accumulated experience serving over 300,000 automation equipment engineers and has established a comprehensive service system and efficient supply chain management [26] - The company's early adoption of the one-stop supply model has given it significant market scale and localized service advantages [26]