YDC(605555) 国盛证券·2024-04-26 06:02Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Insights - The company has established a long-term dividend mechanism, with a total dividend of 130 million yuan in 2023, representing a cash dividend ratio of 40.45%. Future dividend ratios are set at a minimum of 80% during maturity without major capital expenditures, 40% with major expenditures, and 20% during growth phases with major expenditures [2]. - The company's revenue and profit growth are robust, with a total revenue of 2.775 billion yuan in 2023, a year-on-year increase of 43.19%, and a net profit of 322 million yuan, up 7.92% year-on-year. The fourth quarter of 2023 saw a revenue of 647 million yuan, a 60.02% increase, and a net profit of 59 million yuan, up 64.93% year-on-year [6][7]. - The company is experiencing strong growth in its home appliance and automotive segments, with significant contributions from strategic clients and new projects. The home appliance segment saw a 117.17% increase in revenue, while the automotive business grew by 171.69% [7]. Financial Performance Summary - The company's gross margin improved by 2.6 percentage points to 21.69% in Q4 2023, while the net margin remained stable at 9.09% [3]. - For Q1 2024, the company achieved a gross margin of 17.43% and a net margin of 10.34%, reflecting strong cost management capabilities [8]. - The forecast for net profit from 2024 to 2026 is projected to be 436 million yuan, 570 million yuan, and 715 million yuan, respectively, with year-on-year growth rates of 35.3%, 30.8%, and 25.4% [4][16].