Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [9]. Core Insights - The company achieved a revenue of 2.771 billion yuan in the first half of 2024, representing a year-on-year increase of 22.93%. The net profit attributable to shareholders was 216 million yuan, up 1.84% year-on-year, while the non-recurring net profit was 197 million yuan, an increase of 2.83% year-on-year [2][3]. - The company has maintained its leading position in the vehicle power supply market, with a market share of 19.4% domestically and 32.4% among third-party suppliers, marking its fourth consecutive year at the top [3]. - High R&D investment has been a key driver for the company's technological leadership, with R&D expenses reaching 179 million yuan in the first half of 2024, a 62.43% increase year-on-year, and an R&D expense ratio of 6.45% [3]. - The company is expanding its production capacity with a new factory planned in Thailand, aiming for an annual capacity of 300,000 units [3]. - The company has secured ongoing contracts with both domestic and international clients, with significant growth in its fourth-generation products [3]. Financial Summary - The company forecasts net profits of 640 million yuan, 810 million yuan, and 1.02 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.52 yuan, 1.93 yuan, and 2.42 yuan [3][4]. - Revenue is projected to grow from 5.523 billion yuan in 2023 to 11.436 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 25.46% [4]. - The net profit growth rate is expected to be 27.77% in 2024, 26.63% in 2025, and 25.07% in 2026 [4].

2024 年 8 月 28 日 公司研究 毛利率增长亮眼，电驱多合一高速增长 ——威迈斯（688612.SH）2024 年半年报点评 要点 事件：威迈斯发布2024年半年报，公司2024H1营业收入为27.71亿元，同比增 长22.93%；归母净利润2.16亿元，同比增长1.84%；扣非归母净利润1.97亿元， 同比增长2.83%。公司2024Q2营业收入为14.04亿元，同比增长16.0%，环比提 升2.7%；归母净利润1.02亿元，同比下滑17.9%，环比下滑11.1%。 车载充电机行业第三方龙头：公司2024H1车载电源收入为22.98亿元，同比增长 17.23%，增长主要来自于国内多个车企定点项目SOP放量。根据NE Times数据， 2024年1-6月，公司在中国乘用车OBC出货量市场份额为19.4%，排名第二；在 第三方供货市场，2024年上半年公司出货量占市场份额约为32.42%。 集成化趋势加强，电驱多合一总成高速增长：电驱系统24H1收入为2.85亿元， 同比增加211.32%，在新能源汽车车载电源、电驱系统集成化程度越来越高的发 展趋势下，公司积极向电驱系统领域进行拓展，已取得上汽集团、长 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.60 CNY over the next six months [1][6]. Core Insights - The company reported a robust revenue growth of 22.93% year-on-year for H1 2024, achieving a total revenue of 2.771 billion CNY. However, net profit increased only by 1.84% to 216 million CNY, primarily due to increased R&D expenses [1]. - The company's vehicle power supply products generated 2.324 billion CNY in revenue, representing a 15.20% year-on-year growth, accounting for 83.86% of total revenue. The overall gross margin for these products stood at 20.63% [1]. - The electric drive system products saw a significant revenue increase of 299.99% year-on-year, reaching 285 million CNY, with the integrated electric drive products growing by 368.24% to 206 million CNY [1]. - The company is actively expanding its overseas customer base, with export revenue of 268 million CNY in H1 2024, although this represents a decline of 16.49% year-on-year [1]. - Increased R&D investment reached 179 million CNY, a 62.43% increase year-on-year, which contributed to a higher expense ratio [1]. - The company forecasts a compound annual growth rate (CAGR) of 18.3% for net profit from 2024 to 2026, with expected net profits of 550 million CNY, 710 million CNY, and 830 million CNY for those years respectively [1][5]. Summary by Sections Financial Performance - H1 2024 revenue: 2.771 billion CNY, up 22.93% YoY - H1 2024 net profit: 216 million CNY, up 1.84% YoY - Q2 2024 revenue: 1.404 billion CNY, up 15.98% QoQ - Q2 2024 net profit: 102 million CNY, down 17.91% QoQ [1]. Business Segments - Vehicle power supply revenue: 2.324 billion CNY, up 15.20% YoY, with a gross margin of 20.63% - Electric drive system revenue: 285 million CNY, up 299.99% YoY, with integrated products at 206 million CNY, up 368.24% YoY [1]. - Export revenue: 268 million CNY, down 16.49% YoY, accounting for 9.66% of total revenue [1]. R&D and Future Outlook - R&D expenses: 179 million CNY, up 62.43% YoY, representing 6.45% of total revenue - Expected net profits for 2024-2026: 550 million CNY, 710 million CNY, 830 million CNY, with a CAGR of 18.3% [1][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance was below market expectations, with H1 revenue of 2.8 billion yuan, a year-on-year increase of 23%, and a net profit of 220 million yuan, a year-on-year increase of 2% [2] - The company is accelerating its overseas capacity layout, with plans to build a new factory in Thailand with a capacity of 300,000 units [2][3] - The company continues to enhance its product structure and has seen significant growth in its electric drive business, with H1 revenue of 280 million yuan, a year-on-year increase of 300% [2] Financial Performance Summary - Total revenue for 2022 was 3.83 billion yuan, with a projected increase to 5.52 billion yuan in 2023, and expected to reach 10.05 billion yuan by 2026 [1][9] - The net profit attributable to the parent company is projected to grow from 294.71 million yuan in 2022 to 927.07 million yuan in 2026, reflecting a compound annual growth rate of approximately 20.21% [1][9] - The company's latest diluted EPS is expected to increase from 0.70 yuan in 2022 to 2.20 yuan in 2026 [1][9] Revenue and Profitability Metrics - The gross margin for H1 2024 was 20.6%, with a net profit margin of 7.8% [2] - The company expects to maintain a net profit margin of 8-9% in 2024 due to cost reductions and improved capacity utilization [2][3] - The average selling price of the company's vehicle power supply was 2,300 yuan per unit in H1 2024, a decrease of 5% year-on-year [2] Research and Development - The company has increased its R&D investment, with H1 2024 R&D expenses amounting to 330 million yuan, a year-on-year increase of 48% [3] - The R&D expense ratio for Q2 2024 was 6.9%, reflecting a focus on innovation and product development [3] Market Position and Competitive Landscape - The company holds a market share of 32.4% in the third-party supply market for vehicle power supplies, maintaining its leading position [2] - The company is experiencing high growth from clients such as Geely, Li Auto, and Changan, despite some impact from European tariffs [2]

证券代码：688612 证券简称：威迈斯 公告编号：2024-025 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 深圳威迈斯新能源（集团）股份有限公司（以下简称"公司"）第二届董事 会第十四次会议，于 2024 年 8 月 14 日发出会议通知，并于 2024 年 8 月 23 日以 现场与通讯表决相结合的方式召开。本次会议应参与董事 9 名，实际参与董事 9 名。董事长万仁春先生主持本次会议，董事会会议的召集、召开及表决程序符合 国家有关法律、法规及《公司章程》的规定。 二、董事会会议审议情况 本次会议审议通过了如下议案： （一）审议通过《公司 2024 年半年度报告全文及摘要》 公司按照《中华人民共和国公司法》、《上海证券交易所科创板股票上市规则》 等相关法律及《公司章程》的相关规定，根据公司 2024 年上半年财务状况和经 营成果情况，编制了《2024 年半年度报告》全文及其摘要。 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的公司 《2024 年半年度报告》全 ...

深圳威迈斯新能源（集团）股份有限公司（以下简称"公司"）第二届监事 会第十三次会议，于 2024 年 8 月 14 日发出会议通知，2024 年 8 月 23 日以现场 与通讯表决相结合的方式召开。本次会议应参与监事 3 名，实际参与监事 3 名。 监事会主席张昌盛先生主持本次会议，监事会会议的召集、召开及表决程序符合 国家有关法律、法规及《公司章程》的规定。 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 证券代码：688612 证券简称：威迈斯 公告编号：2024-026 深圳威迈斯新能源（集团）股份有限公司 第二届监事会第十三次会议决议公告 二、监事会审议情况 经审核，监事会认为：董事会编制和审议公司《2024 年半年度报告》的程序 符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了 公司 2024 年上半年度的财务状况和经营成果情况，不存在任何虚假记载、误导 性陈述或者重大遗漏。 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《2024 年半年 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥2,771,059,972.57, representing a year-on-year increase of 22.93%[13]. - Net profit attributable to shareholders was ¥215,706,270.77, a growth of 1.84% compared to the same period last year[13]. - The net profit after deducting non-recurring gains and losses was ¥196,835,507.63, up 2.83% year-on-year[13]. - Basic and diluted earnings per share were both ¥0.51, down 8.93% year-on-year[14]. - The weighted average return on net assets decreased to 6.26%, down 12.33 percentage points from the previous year[14]. - The overall gross margin for the company's products was 20.63%, maintaining stability amid intensified market competition[59]. - The company reported a total profit of ¥256,005,472.96 for the first half of 2024, up from ¥217,627,780.00 in the previous year, marking an increase of about 17.5%[156]. - The company reported a net profit decrease, with undistributed profits falling to ¥747,073,715.89 from ¥836,710,890.20, a decline of 10.7%[154]. Research and Development - Research and development expenses accounted for 6.45% of operating revenue, an increase of 1.57 percentage points year-on-year[14]. - Research and development (R&D) investment totaled CNY 17,871.10 million, representing a 62.43% increase compared to the same period last year, with R&D expenses accounting for 6.45% of operating revenue, up 1.57 percentage points year-on-year[47][51]. - The number of R&D personnel increased to 741, which is 21.62% of the total workforce, with an average salary of CNY 15.14 million, up from CNY 13.99 million last year[50][51]. - The company has established multiple advanced R&D laboratories and testing facilities in Shenzhen and Shanghai, enhancing its capability for product testing and innovation[52]. - The company has accumulated 16 core technologies with independent intellectual property rights, supporting rapid development and mass production of products[53]. Market Position and Growth - The company experienced a structural change in product revenue, contributing to the growth in net profit despite increased R&D investments[15]. - In the first half of 2024, the company achieved a revenue of 206.05 million yuan from the integrated electric drive system, representing a year-on-year growth of 368.24%[24]. - The company's market share in the passenger vehicle onboard charger market reached 19.4%, ranking second, while its market share in the third-party supply market was approximately 32.42%, maintaining the first position since 2020[24]. - The production and sales of new energy vehicles in China reached 4.929 million and 4.944 million units, respectively, with year-on-year growth of 30.1% and 32%[20]. - The domestic market penetration rate of new energy vehicles reached 48.4% by June 2024, an increase of approximately 13.5 percentage points compared to the same period last year[20]. Cash Flow and Financial Health - The net cash flow from operating activities was ¥13,932,271.29, a significant decline of 95.84% compared to the previous year[13]. - The company's cash and cash equivalents decreased by 39.86% to approximately ¥936.15 million, compared to ¥1.56 billion at the end of the previous year[76]. - The company reported a significant increase in construction in progress, rising to approximately 107.61 million from 60.69 million, an increase of about 77%[150]. - The total cash and cash equivalents at the end of the period stood at ¥619.93 million, slightly up from ¥607.07 million at the end of the first half of 2023[161]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 2.57 CNY per 10 shares to all shareholders for the first half of 2024[4]. - The company plans to implement a profit distribution policy that emphasizes reasonable returns to investors while ensuring sustainable development, with a focus on maintaining consistency and stability in profit distribution policies[107]. - Cash dividends will only be distributed if the company has no significant investment plans or major cash expenditures, and the distributable profit for the year is positive[108]. Risks and Challenges - There are no significant risks that could materially affect the company's operations during the reporting period[3]. - The company faces risks from intensified market competition in the new energy vehicle parts sector, with traditional fuel vehicle suppliers and new entrants increasing competition[71]. - The international political and economic environment, including trade tensions, poses risks to the growth of the new energy vehicle industry and the company's performance[72]. Corporate Governance and Compliance - The company is committed to enhancing its governance structure to protect the rights of shareholders, especially minority shareholders, and to ensure effective oversight by the supervisory board[105]. - The company will strictly adhere to relevant laws and regulations to optimize its governance structure and strengthen internal controls[105]. - The company has committed to strict compliance with all public commitments made during its initial public offering process[119]. Shareholder Information - The company has a total of 80,934,338 restricted shares held by Wan Renchun, which will be tradable after 36 months from the company's listing[145]. - The largest shareholder, Wan Renchun, holds 80,934,338 shares, representing 19.23% of the total shares[143]. - The total number of shares held by the top ten shareholders includes significant stakes from various investment funds, with the largest being 1,768,140 shares held by China Merchants Bank[144].

证券代码：688612 证券简称：威迈斯 公告编号：2024-029 深圳威迈斯新能源（集团）股份有限公司 关于拟续聘会计师事务所的公告 上年末，天健会计师事务所（特殊普通合伙）累计已计提职业风险基金 1 亿 元以上，购买的职业保险累计赔偿限额超过 1 亿元，职业风险基金计提及职业保 险购买符合财政部关于《会计师事务所职业风险基金管理办法》等文件的相关规 定。天健会计师事务所（特殊普通合伙）近三年未因执业行为在相关民事诉讼中 被判定需承担民事责任。 3、诚信记录 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 | 事务所名称 | 天健会计师事务所（特殊普通合伙） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 成立日期 | 2011 年 月 18 组织形式 | 7 | 日 | | | 特殊普通合伙 | | | 注册地址 | 浙江省杭州市西湖区灵隐街道西溪路 12 ...

证券代码：688612 证券简称：威迈斯 公告编号：2024-027 深圳威迈斯新能源（集团）股份有限公司 关于 2024 年半年度利润分配预案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 每股分配比例：每 10 股派发现金红利 2.57 元（含税），不进行资本公积转增股本， 不送红股。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将在权益 分派实施公告中明确。 在实施权益分派的股权登记日前深圳威迈斯新能源（集团）股份有限公司（以下简 称"公司"）总股本发生变动的，拟维持分配总额不变，相应调整每股分配比例，并将另行 公告具体调整情况。 一、利润分配方案的内容 公司于 2024 年 8 月 23 日召开了第二届董事会第十四次会议，全票审议通过 了《公司 2024 年半年度利润分配预案》，并同意提交公司股东大会审议，经批准 后实施。 （二）监事会意见 公司于 2024 年 8 月 23 日召开第二届监事会第十三次会议，审议通过了《公 司 2024 年半年度利润分配预案》，监事会认为 ...

证券代码：688612 证券简称：威迈斯 公告编号：2024-028 深圳威迈斯新能源（集团）股份有限公司 关于对全资子公司增资暨设立境外孙公司的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 投资标的名称：新加坡威迈斯新能源有限公司（暂定名，最终名称以实际注册名称为 准，以下简称"新加坡威迈斯"）、泰国威迈斯新能源有限公司（暂定名，最终名称以实际注 册名称为准，以下简称"泰国威迈斯"）。 增资金额：人民币 1.5 亿元。公司拟通过对全资子公司海南威迈斯创业投资有限公司 （以下简称"海南威迈斯"）增资方式进行对外投资事项，增资完成后海南威迈斯注册资本 为人民币 2.7 亿元。 本次对外投资事项已经公司第二届董事会第十四次会议审议通过，无需提交股东大会 审议。 本实缴情况及整体规划，公司拟向海南威迈斯增资人民币 1.5 亿元以确保本次对 外投资事项顺利实施。增资完成后海南威迈斯注册资本为人民币 2.7 亿元。 公司第二届董事会第十四次会议于 2024 年 8 月 23 日审议通过了《关于对全 资子公司增 ...