2025-06-09-花旗集团-永达（3669）_永达（3669.HK）模型更新_12页_479kb

Yongda (3669.HK) Research Summary

Key Analysis and Recommendation

Citi Research maintains a "Buy" recommendation for Yongda (3669.HK), based on updated financial results and forecasts. The report highlights better-than-expected operating efficiency and introduces forecasts through 2027E. The target price remains HK$2.82, unchanged from the prior estimate using a 6x 2026E P/E multiple.

Financial Highlights (2023A–2027E)

• Net Profit: Dropped to Rmb201M in 2024A, recovering to Rmb645M in 2025E and Rmb1,009M in 2027E.
• Revenue: Faced a sharp decline in 2024A (Rmb63,420M, -14.6% YoY), expected to recover with modest growth in 2025E–2027E.
• EPS Growth: Expected 221.4% in 2025E, with steady increases in subsequent years to 23.4% in 2027E.
• Margin Improvements: Gross margin improved marginally to 8.5% in 2025E, while net margin declined in 2024A but is projected to rise.

Valuation and Returns

• Current Price: HK$2.18
• Expected Share Price Return: 29.4%
• Expected Total Return: 36.2%
• Dividend Yield: 6.9% in 2024A, increasing to 8.7% in 2026E.

Risks

Potential failure to reach the target price includes:

• Lower-than-expected revenue and gross profit margins for PV and after-sales businesses.
• Uncertainty in the development of car rental and auto finance initiatives.

This summary captures key points from the Citi Research report.