Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [13]. Core Views - The company achieved operating revenue of 5.523 billion yuan in 2023, representing a year-on-year increase of 44.09%. The net profit attributable to the parent company was 502 million yuan, up 70.47% year-on-year. In Q1 2024, the company reported operating revenue of 1.367 billion yuan, a year-on-year increase of 30.99%, and a net profit of 114 million yuan, up 29.54% year-on-year [13]. - The company is actively implementing a "going out" strategy, with overseas revenue reaching 668 million yuan in 2023, a year-on-year increase of 192%. It has begun mass production and sales of vehicle-mounted power integration products for well-known overseas automakers such as Stellantis, Renault, Aston Martin, and Ferrari [13]. - The company holds a market share of 18.8% in the passenger car onboard charger market in China, ranking second, and a market share of approximately 32.38% in the third-party supply market, ranking first [13]. - The company is expected to achieve net profits attributable to the parent company of 671 million yuan, 826 million yuan, and 992 million yuan for the years 2024 to 2026, representing year-on-year growth rates of 34%, 23%, and 20% respectively [13]. Financial Summary - The company's total operating revenue is projected to reach 11.484 billion yuan by 2026, with a compound annual growth rate (CAGR) of 20.6% from 2024 to 2026 [14]. - The gross profit margin for 2023 was 19.84%, with a slight decrease to 19.31% in Q1 2024. The company has maintained good cost control, with sales, management, and R&D expense ratios of 2.36%, 2.47%, and 4.87% in 2023, respectively [13]. - The company's earnings per share (EPS) is expected to grow from 1.19 yuan in 2024 to 2.36 yuan in 2026, with corresponding P/E ratios of 22 and 15.08 for those years [14].

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a significant increase in revenue and net profit for 2023, with revenue reaching 5.52 billion yuan, a year-on-year growth of 44.09%, and net profit of 502 million yuan, up 70.42% [1]. - The company is a leading player in the vehicle charging industry, showcasing scale advantages and a strong market position, particularly in the third-party supply market [1]. - The company has made substantial progress in overseas markets, with overseas revenue growing by 192.14% in 2023, benefiting from the export of new energy vehicles [1]. - The company has invested heavily in R&D, with a focus on advanced technologies such as 800V vehicle power systems and liquid cooling modules, which have started mass production [1]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.52 billion yuan and a net profit of 502 million yuan, with respective growth rates of 44.09% and 70.42% [1][2]. - The first quarter of 2024 saw a revenue of 1.37 billion yuan, a year-on-year increase of 30.99% [1]. Market Position - The company shipped 2.01 million vehicle power supplies in 2023, marking a 38.45% increase, and held a market share of 18.8% in the passenger vehicle onboard charger market, ranking second [1]. - The company leads the third-party supply market with a share of approximately 32.38% [1]. Profitability - The gross margin for 2023 was 19.84%, with a net margin of 9.08%, reflecting improved efficiency and scale effects [1]. - The company’s gross margin for vehicle power integration products was 18.83%, while the electric drive system saw a gross margin increase to 13.91% [1]. R&D and Technology - The company invested 269 million yuan in R&D in 2023, representing 4.87% of its revenue, focusing on core technologies such as magnetic integration and high-performance materials [1]. - The company’s 800V vehicle integrated power products have been adopted by major clients, including XPeng Motors [1]. Future Outlook - The report adjusts the net profit forecasts for 2024 and 2025 to 669 million yuan and 889 million yuan, respectively, while introducing a forecast of 1.10 billion yuan for 2026 [2]. - The company is expected to benefit from the growing demand for new energy vehicles and the integration of advanced technologies in its product offerings [1].

各位嘉宾各位股东各位投资者们大家好我很荣幸能够在今天与大家共同参加我们威迈斯的2023年度及2024年第一季度业绩说明会 我是公司董事长万人村首先我代表公司董事会向各位股东和各位投资者表示热烈欢迎和诚挚的感谢2023年我国经济总体在曲折中前进 而国际局势复杂变化地缘政治冲突加剧贸易保护主义抬头给全球经济的发展带来了负面的影响在宏观的逆境中我们公司随着新年汽车行业的发展取得了超越行业的业绩公司全年实现55.23亿营业收入净利润5.02亿 境外直接出口主营业务收入实现了6.68亿公司以连续四年在国内第三方车载电源领域市场份额中排名第一海外业务实现接近200%增长同时这也是公司连续三年实现业绩高速增长 在他二十四年一季度新年期的行业进入了传统的淡季竞争格局也是一次变化而在这样的竞争环境中公司业绩同样可圈可点困难中实现了营业收入13.67亿净利1.15亿元超过30%的业绩增长 在一季度除了电源产品输入提升外电区产品特别是电区都合一的业务规模在同比环比层面经快速发展作为上市公司我们的快速发展离不开我们全体员工的日夜坚持和各位股东各位合作伙伴的鼎力支持和配合公司于昨日发布公告 每十股分派现金红利6元,现金分红金额接近2. ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 46 yuan based on a projected P/E of 22 times for 2025 [8][23]. Core Insights - The company's overseas profitability has significantly improved, with a product structure that continues to optimize. The average price of vehicle-mounted power supplies in 2023 was 2,451 yuan per unit, a 5% increase year-on-year, with a gross margin of 20%. The gross margin for domestic products was 17%, down 3 percentage points, while the overseas gross margin was 28%, up 13 percentage points [2]. - The company achieved a revenue of 5.523 billion yuan in 2023, a 44% year-on-year increase, and a net profit attributable to shareholders of 502.4 million yuan, a 70.47% increase year-on-year. The gross margin was 19.8%, remaining stable year-on-year [23]. - The company is expected to maintain a net profit margin of 10% in 2024, supported by cost reductions in the fourth-generation products and a rise in capacity utilization [2][8]. Summary by Sections Revenue and Profit Forecast - Total revenue is projected to reach 7.335 billion yuan in 2024, with a year-on-year growth of 32.82%. The net profit attributable to shareholders is expected to be 701.55 million yuan, reflecting a 39.64% increase [6][8]. - The earnings per share (EPS) is forecasted to be 1.67 yuan in 2024, with a P/E ratio of 20.39 times [6]. Market Position and Customer Base - The company maintained its leading market share in vehicle-mounted power supplies, achieving shipments of 2.01 million units in 2023, a 38% increase year-on-year. The market share was 32.38% [7]. - The company is expected to ship 2.7 to 2.8 million units in 2024, with a demand growth rate of 30-40% from key customers such as Geely, Ideal, and Changan [7][8]. Financial Metrics - The company's operating cash flow for Q1 2024 was -1.3 billion yuan, attributed to an increase in receivables. The capital expenditure was 1.1 billion yuan, a 20% increase year-on-year [24]. - The total assets are projected to reach 12.078 billion yuan in 2024, with a debt-to-equity ratio of 37.33% [13].

隐证券 汽车/汽车零部件 公 司 研 究 营收净利表现亮眼，核心竞争力持续提升 投资评级：买入（维持） 殷晟路（分析师） 王嘉懿（联系人） yinshenglu@kysec.cn 证书编号：S0790522080001 wangjiayi@kysec.cn 证书编号：S0790123070003 2023 年报及 2024 年一季报：公司营收净利表现亮眼 盈利能力持续提升 威迈斯（688612.SH） 2024 年 04 月 26 日 ——公司信息更新报告 | --- | --- | |-------------------------|-------------| | 日期 | 2024/4/26 | | 当前股价 ( 元 ) | 33.98 | | 一年最高最低 ( 元 ) | 62.00/23.70 | | 总市值 ( 亿元 ) | 143.04 | | 流通市值 ( 亿元 ) | 11.44 | | 总股本 ( 亿股 ) | 4.21 | | 流通股本 ( 亿股 ) | 0.34 | | 近 3 个月换手率 (%) | 269.26 | 公司发布 2023 年报及 2024 年一季报。2023 年公司 ...

证券代码：688612 证券简称：威迈斯 公告编号：2024-017 深圳威迈斯新能源股份有限公司 关于 2023 年度计提资产减值准备的公告 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。 一、计提资产减值准备情况概述 深圳威迈斯新能源股份有限公司（以下简称"公司"）根据《企业会计准则第 1 号——存货》《企业会计准则第 22 号——金融工具确认和计量》及《企业会计 准则第 8 号——资产减值》（以下合称"《企业会计准则》"）等相关会计政策规 定，为客观、公允地反映公司截至 2023 年 12 月 31 日的财务状况和经营情况， 公司本着谨慎性原则，对合并报表范围内存在减值迹象的相关资产计提了减值准 备。 2023 年度公司计提的各项损失为 5,185.73 万元，具体情况如下： 单位：人民币万元 （一）信用减值损失 公司以预期信用损失为基础，对应收账款、应收票据、其他应收款等进行减 值测试并确认减值损失。经测试，公司 2023 年度计提信用减值损失金额 3,064.20 万元。 （二）资产减值损失 资产负债表日，公司评 ...

证券代码：688612 证券简称：威迈斯 公告编号：2024-008 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》和《上海证券交易所科创板股票上市规则》等有关规定，深 圳威迈斯新能源股份有限公司（以下简称"公司"）董事会编制了《关于 2023 年 度募集资金存放与使用情况的专项报告》，具体如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意深圳威迈斯新能源股份有限公司首次 公开发行股票注册的批复》（证监许可〔2023〕1006 号）核准，由主承销商东方 证券承销保荐有限公司采用余额包销方式，向社会公众公开发行人民币普通股(A 股)股票 42,100,000 股，发行价为每股人民币 47.29 元，共计募集资金 199,090.90 万元，坐扣承销和保荐费用 11,434.06 万元（承销保荐费用不含税金额 1 ...

证券代码：688612 证券简称：威迈斯 公告编号：2024-011 深圳威迈斯新能源股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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。 深圳威迈斯新能源股份有限公司（以下简称"公司"）于 2024 年 4 月 25 日 召开第二届董事会第十三次会议、第二届监事会第十二次会议，审议通过了《关 于使用部分闲置募集资金进行现金管理的议案》，同意公司在确保不影响募集资 金投资项目进度、不影响公司正常生产经营及确保资金安全的情况下，使用额度 不超过人民币 8 亿元（含本数）的闲置募集资金进行现金管理。在上述额度范围 内，资金可以滚动使用，使用期限自公司董事会审议通过之日起 12 个月内。公 司使用部分闲置募集资金进行现金管理将严格遵守上海证券交易所关于上市公 司募集资金管理的相关规定，本次事项无需提交股东大会审议。具体情况如下： 一、募集资金基本情况 经上海证券交易所审核同意，并根据中国证券监督管理委员会出具的《关于 同意深圳威迈斯新能源股份有限公司首次公开发行股票注册的批复》 ...

深圳威迈斯新能源股份有限公司 关于召开 2023 年年度股东大会的通知 本公司董事会及全体董事保证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： 证券代码：688612 证券简称：威迈斯 公告编号：2024-015 一、召开会议的基本情况 （一）股东大会类型和届次 2023 年年度股东大会 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 （四）现场会议召开的日期、时间和地点 召开日期时间：2024 年 5 月 16 日 15 点 00 分 召开地点：公司会议室（深圳市南山区北环路第五工业区风云科技大楼 501 之一） （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 16 日 至 2024 年 5 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网 ...

证券代码：688612 证券简称：威迈斯 公告编号：2024-005 深圳威迈斯新能源股份有限公司 第二届董事会第十三次会议决议公告 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。 一、董事会会议召开情况 深圳威迈斯新能源股份有限公司（以下简称"公司"）第二届董事会第十三次 会议，于 2024 年 4 月 14 日发出会议通知，并于 2024 年 4 月 25 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 2023 年年度报告全文及其摘要》 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》 等相关法律法规及《公司章程》的相关规定，根据公司 2023 年度财务状况和经 营成果情况，编制了《2023 年年度报告》全文及其摘要。 公司年度报告内容真实、准确、完整的反映了公司 202 ...