Shenzhen VMAX New Energy (688612) Jianghai Securities·2024-09-26 08:09Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 2.771 billion yuan in the first half of 2024, representing a year-on-year growth of 22.93%. The net profit attributable to the parent company was 216 million yuan, with a year-on-year increase of 1.84% [2] - The company maintains a leading market share in the automotive power supply sector, with a market share of 19.4% in the passenger car onboard charger market in China, ranking second. In the third-party supply market, the company holds approximately 32.42% of the market share, consistently ranking first since 2020 [2] - The company is focusing on an overseas capacity expansion strategy, with a notable demonstration effect from leading overseas clients. In the first half of 2024, the company established a subsidiary in France with an investment of 50,000 euros to enhance its global market presence [2] - The fourth-generation onboard power supply product has been shipped, with a power density increase of 33.6%. The company announced a share buyback plan with a total amount not less than 50 million yuan and not exceeding 100 million yuan [2] - The revenue forecasts for 2024-2026 have been adjusted to 6.941 billion yuan, 8.606 billion yuan, and 10.226 billion yuan, with year-on-year growth rates of 25.69%, 23.98%, and 18.83% respectively [3][4] Financial Summary - For 2023, the total revenue is projected at 5.523 billion yuan, with a growth rate of 44.09%. The net profit attributable to the parent company is expected to be 502 million yuan, with a growth rate of 70.47% [3][4] - The earnings per share (EPS) for 2024-2026 are forecasted to be 1.48 yuan, 1.84 yuan, and 2.22 yuan, with corresponding price-to-earnings (P/E) ratios of 13.37X, 10.75X, and 8.90X [3][4]