Jinwu Financial News | According to Open Source Securities Research, Yadi Holdings (01585) achieved main operating income of 34.763 billion yuan (+11.9%) and net profit of 2,640 billion yuan (+22.2%) in 2023. The bank estimates that 2023H2's revenue was 17.722 billion yuan (+4.2%) and net profit was 1,453 billion yuan (+15.1%). The company's revenue growth rate in 2023 was impressive, mainly driven by high sales of electric bicycles, batteries and chargers.
According to the bank, the accumulation of optimistic products and channels in China is driving steady growth in market revenue. In terms of products, in 2024, the company launched the Guanneng 6th generation series products equipped with the new TTFAR 6.0 system. The terminal price was 1,150 yuan higher than that of the Guanneng 5 series. As of March, the sales rate of the Guanneng 6 series reached 35%, driving the share of the company's high-end products (mainly Guanneng) back 40%. In terms of channels, the number of the company's distributors reached 4,000 by the end of 2023, and the number of distribution outlets increased to more than 40,000. Channel encryption continues to raise the company's competitive barriers. In 2024, the bank expects the company to drive the company's revenue scale expansion in both directions through store efficiency optimization and store expansion.
The bank continued that overseas markets may enter a harvest period to help the company grow a second time. In 2023, the company further accelerated the expansion of the Southeast Asian market, and the Bac Giang plant in Vietnam (with a design capacity of 2 million vehicles) was laid in early 2024. Looking forward to the company's future overseas business development, production capacity, products and channel support will gradually mature, and market growth flexibility can be expected. On the performance side, in 2023, the company will increase R&D investment in core components and platform-based engineering systems. The purpose may be to increase the self-production rate and distribution rate of components; at the same time, the company is actively promoting new middle and high-end products (the price of new Guanneng 6th generation products is 4,000+ yuan), reducing costs and increasing efficiency in the supply chain combined with product structure optimization and upgrading, and there is still plenty of room to improve profitability.
The bank said that considering the company's global layout capital expenditure may increase, the bank lowered its 2024/2025 results and added a 2026 forecast. The estimated net profit of the 2024-2026 company is 32.44/39.12/4.654 billion yuan (2024/2025 original value of 34.43/3,961 billion yuan), corresponding to EPS 1.06/1.28/1.52 yuan, and the current stock price corresponding to PE is 11.8/9.8/8.2 times. The industry's leading barriers are still stable, maintaining a “buy” rating.