Shenzhen VMAX New Energy (SH:688612) KAIYUAN SECURITIES·2024-09-25 06:08Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company plans to repurchase shares with an amount not less than 50 million yuan and not exceeding 100 million yuan, emphasizing shareholder returns [2] - The repurchased shares will be used for employee stock ownership plans or equity incentives, as well as to reduce registered capital [3] - The company is a leading third-party supplier of vehicle power systems, with significant progress in international expansion, maintaining a positive outlook for future profitability [2] Financial Summary - The company's projected net profit for 2024-2026 is estimated at 608 million yuan, 742 million yuan, and 908 million yuan respectively, with corresponding EPS of 1.44 yuan, 1.76 yuan, and 2.16 yuan per share [2] - The current stock price corresponds to P/E ratios of 12.9, 10.5, and 8.6 for the years 2024, 2025, and 2026 respectively [2] - Revenue is expected to grow from 5,523 million yuan in 2023 to 10,559 million yuan in 2026, reflecting a year-on-year growth rate of 24.6% in 2026 [5] - The gross margin is projected to remain stable around 19.8% for 2024, while the net margin is expected to be 8.9% [5] - The company's total assets are projected to increase from 7,231 million yuan in 2023 to 12,212 million yuan in 2026 [8]