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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].