威迈斯：车载电源保持领先，电驱总成快速成长

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][8]. Core Views - The company continues to lead in the onboard power supply market, with rapid growth in electric drive assembly revenue. As of August 2024, the company holds a 19.6% market share in China's passenger car onboard charger market, ranking second overall and maintaining the first position in the third-party supply market since 2020 [3]. - The company reported a revenue of 4.36 billion yuan for the first three quarters of 2024, a year-on-year increase of 21.4%, with a net profit of 300 million yuan, up 2.8% year-on-year [2][3]. - The company has established a partnership with SAIC Audi to provide technology support and onboard power products for its first pure electric model, expected to launch in 2025 [3]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 4.36 billion yuan, with a net profit of 300 million yuan and a non-recurring net profit of 270 million yuan, reflecting year-on-year growth rates of 21.4%, 2.8%, and 2.2% respectively [2]. - The company’s revenue is projected to grow from 5.52 billion yuan in 2023 to 10.25 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 20.08% [5]. - The gross profit margin for the first three quarters of 2024 was 19.70%, an increase of 1.10 percentage points year-on-year, indicating strong profitability despite competitive pressures [3][5]. Shareholder Returns - The company announced a cash dividend of 2.57 yuan per 10 shares, totaling approximately 108 million yuan, which represents 50.15% of the net profit for the first half of 2024 [3]. - The company plans to repurchase shares with a budget of 50 to 100 million yuan, reflecting its commitment to returning value to shareholders [3].