Investment Rating - The report initiates coverage on Weimais (688612.SH) with a "Buy" rating, highlighting its position as a leader in the automotive power supply sector [1]. Core Views - The report emphasizes the strong growth potential of Weimais, driven by the increasing demand for high-voltage fast charging in electric vehicles (EVs). The company is well-positioned to benefit from this trend as a core player in the midstream of the supply chain [1][2]. - The report forecasts significant revenue growth for Weimais, projecting revenues of 6.933 billion, 8.223 billion, and 9.656 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 611 million, 808 million, and 903 million yuan [2]. Summary by Sections 1. Company Overview - Weimais started in 2005, initially focusing on industrial power supplies and has since expanded into the EV sector, becoming a supplier for major automotive brands [13]. - The company has a concentrated and stable shareholding structure, with a strong technical team that enhances its R&D capabilities [14][15]. - Weimais focuses on power electronics products for EVs, including onboard chargers and DC/DC converters, and has a significant presence in overseas markets [17][18]. 2. Market Trends - The report notes that the penetration rate of EVs in China reached 31.4% in 2023, with significant growth potential driven by improvements in fast charging technology [25]. - High-voltage fast charging is identified as a key factor in accelerating EV adoption, with ongoing efforts to overcome current cost and technology barriers [25][26]. 3. Financial Performance - Weimais has shown impressive revenue and profit growth, with revenues increasing from 657 million yuan in 2020 to an expected 6.933 billion yuan in 2024 [18][19]. - The company's gross margin has stabilized, and net profit margins have improved significantly, reflecting operational efficiencies and scale [19][20]. 4. Product and Technology Development - The company has developed a robust technology platform, with 16 proprietary technologies that enhance its competitive edge in the market [21][23]. - Weimais is focusing on integrated power supply solutions, which are expected to contribute significantly to its revenue growth [2][21]. 5. Future Growth Prospects - The report anticipates that Weimais will continue to expand its product offerings, particularly in the areas of electric drive systems and liquid-cooled charging modules, which are expected to drive future revenue growth [2][4]. - The company is well-positioned to capitalize on the growing demand for high-margin products in the fast-charging segment [2][4].

特此公告。 深圳威迈斯新能源（集团）股份有限公司 董事会 2024 年 9 月 6 日 深圳威迈斯新能源（集团）股份有限公司（以下简称"公司"）近日接到公 司首次公开发行股票之持续督导机构东方证券承销保荐有限公司（以下简称"东 方投行"）的通知，根据中国证券监督管理委员会于 2023 年 2 月 28 日出具的《关 于核准东方证券股份有限公司吸收合并东方证券承销保荐有限公司暨变更业务 范围的批复》（证监许可〔2023〕425 号），东方证券股份有限公司（以下简称"东 方证券"）获准吸收合并投行业务全资子公司东方投行，吸收合并之后东方投行 解散。 东方证券已于近日自证监会取得换发后的《经营证券期货业务许可证》，业 务范围含"证券承销与保荐"。东方证券与东方投行严格根据有关法律法规、证 监会批复及相关要求推进实施吸收合并工作，自 2024 年 9 月 2 日起，东方投行 存量客户与业务整体迁移并入东方证券，东方投行承接的投资银行业务项目均由 东方证券继续执行，东方投行对外签署的协议均由东方证券继续履行，东方投行 对外签署的协议均由东方证券继续履行，东方投行全部债权及债务由东方证券依 法承继。 公司持续督导保荐机构 ...

证券代码：688612 证券简称：威迈斯 公告编号：2024-032 深圳威迈斯新能源（集团）股份有限公司 关于持股 5%以上股东部分股份质押的公告 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： 本次质押股份未被用作重大资产重组、业绩补偿等事项担保，且相关股份不 存在潜在业绩补偿义务的情况。 二、股东累计质押股份情况 截至本公告披露日，上述股东累计质押股份情况如下： 上述质押事项如若出现其他重大变动情况，公司将按照有关规定及时履行信 息披露义务。 特此公告。 深圳威迈斯新能源（集团）股份有限公司 董事会 深圳威迈斯新能源（集团）股份有限公司（以下简称"公司"）股东、董事、总经 理刘钧先生直接持有公司股份的数量为 27,379,309 股，占公司总股本的比例为 6.50%。本次 质押后，刘钧先生累计质押公司股份的数量为 13,400,000 股，占其持股总数的 48.94%，占 公司总股本的 3.18%。 一、本次股份质押情况 公司于 2024 年 8 月 30 日收到公司股东、董事、总经理刘钧先生通知，获 ...

Group 1: Company Performance - In the first half of 2024, the company achieved operating revenue of 206.05 million yuan, representing a year-on-year increase of 368.24% [3] - The gross profit margin for the second quarter of 2024 improved compared to the previous quarter, driven by higher overseas product margins and new product iterations [4] - The company maintained a stable overall gross profit margin level in the first half of 2024, with approximately 1 million units of vehicle-mounted power supply products and about 40,000 units of electric drive system products shipped [4] Group 2: Strategic Developments - The company has been expanding into the electric drive system sector since 2018, achieving significant partnerships with major domestic and international automotive manufacturers [3] - The construction of the Thailand production base is a crucial step in the company's "going out" strategy, with an estimated production capacity of 300,000 units per year, subject to market demand [3] - The company aims to maintain or exceed the automation level of its Wuhu Huajin factory in the new Thailand facility while controlling costs to sustain overall gross profit margins [3] Group 3: Market and Customer Insights - The company’s overseas main business revenue in the first half of 2024 was approximately 267.55 million yuan, accounting for 10.26% of the total main business revenue [4] - The company has been one of the first domestic manufacturers to export to well-known overseas automotive brands, although international political and economic changes have led to a preference for domestic settlements with overseas clients [4] - The average capacity utilization rate for the year is around 80%, reflecting normal operational efficiency [5] Group 4: Financial Management - In the first half of 2024, the company did not discount received bank acceptance bills, opting instead to endorse them to suppliers, which affected cash flow [5] - The company reported a good customer settlement situation with a high accounts receivable turnover rate, indicating stable overall operations [5]

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].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a significant growth in gross margin and a rapid increase in integrated electric drive systems, with a notable revenue increase in the first half of 2024 [1] - The company is positioned as a leading third-party supplier in the on-board charger (OBC) industry, with a market share of 19.4% in China's passenger car OBC shipments [1] - The report highlights the company's successful expansion into the electric drive system sector, achieving a revenue increase of 211.32% year-on-year [1] - Despite a decline in net profit margin, the company has increased its R&D investment significantly, indicating a focus on innovation and product development [1] Summary by Sections Financial Performance - The company's H1 2024 revenue reached 2.771 billion yuan, a year-on-year increase of 22.93%, while the net profit was 216 million yuan, up 1.84% [1] - The gross margin for H1 2024 was 20.63%, an increase of 1.69 percentage points year-on-year, attributed to product structure upgrades and cost reduction efforts [1] - R&D expenses for H1 2024 were 179 million yuan, a 62.43% increase year-on-year, reflecting the company's commitment to innovation [1] Market Position - The company achieved a revenue of 2.298 billion yuan from on-board power supplies in H1 2024, a growth of 17.23% year-on-year, driven by multiple domestic automotive projects [1] - The integrated electric drive system revenue was 285 million yuan, showing a remarkable growth of 211.32% year-on-year, with significant contracts from major automotive manufacturers [1] Future Outlook - The report projects a downward adjustment in net profit forecasts for 2024-2026 due to increased competition in the OBC industry, with expected profits of 533 million yuan, 706 million yuan, and 897 million yuan respectively [1] - The company is expected to benefit from its technological differentiation in magnetic integration and 800V products, as well as expanding its overseas market presence [1]

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]

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 ...