YDC(605555) 国盛证券·2025-04-29 01:52Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1 billion yuan in Q1 2025, reflecting a year-on-year growth of 21.3%, while the net profit attributable to shareholders decreased by 5.0% to 80 million yuan [1] - The company is expanding its overseas production capacity, with plans to raise up to 1.524 billion yuan through a private placement to enhance its competitive strength [2] - The gross margin for Q1 2025 was 15.8%, down by 1.6 percentage points year-on-year, and the net margin was 8.1%, down by 2.2 percentage points [1][2] Financial Performance Summary - Revenue projections for 2025-2027 are 5.039 billion yuan, 6.169 billion yuan, and 7.422 billion yuan, with year-on-year growth rates of 23.0%, 22.4%, and 20.3% respectively [4] - The net profit attributable to shareholders is expected to be 472 million yuan in 2025, 588 million yuan in 2026, and 721 million yuan in 2027, with growth rates of 15.0%, 24.5%, and 22.7% respectively [4] - The latest diluted EPS is projected to be 1.27 yuan in 2025, increasing to 1.94 yuan by 2027 [4]