YLT(SH:600197) Minsheng Securities·2024-04-26 02:30Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 20.08 yuan [7]. Core Insights - The company achieved a revenue of 2.231 billion yuan in 2023, representing a year-on-year increase of 37.46%. The net profit attributable to the parent company was 340 million yuan, up 105.53% year-on-year [5]. - The product structure is continuously optimized, with significant recovery in the domestic market. High-end, mid-range, and low-end products generated revenues of 1.466 billion, 551 million, and 169 million yuan respectively, with growth rates of 46.65%, 9.14%, and 88.42% [5]. - The company plans to achieve a revenue target of 2.8 billion yuan in 2024 and aims for total profits of 495 million yuan. Forecasted revenues for 2024-2026 are 28.1 billion, 34.9 billion, and 42.9 billion yuan, with net profits of 4.1 billion, 4.9 billion, and 6.0 billion yuan respectively [5][6]. Financial Performance Summary - Total revenue for 2023 was 2,231 million yuan, with projected revenues of 2,809 million, 3,490 million, and 4,294 million yuan for 2024, 2025, and 2026 respectively [4][6]. - The net profit attributable to the parent company for 2023 was 340 million yuan, with projections of 411 million, 494 million, and 600 million yuan for the following years [4][6]. - The gross profit margin for 2023 was 48.23%, expected to rise to 50.63% in 2024, and further increase in subsequent years [5][6].