威迈斯：2024年半年报点评：毛利率增长亮眼，电驱多合一高速增长

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]