威迈斯：公司信息更新报告：研发投入持续增加，三季度业绩符合预期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has seen a continuous increase in R&D investment, with Q3 performance meeting expectations. For the first nine months of 2024, the company achieved revenue of 4.36 billion yuan, a year-on-year increase of 21.4%, and a net profit attributable to shareholders of 300 million yuan, up 2.8% year-on-year. In Q3 2024, revenue was 1.59 billion yuan, a year-on-year increase of 18.7%, with a net profit of 80 million yuan, up 5.5% year-on-year. The R&D expenses reached a record high of 100 million yuan in Q3, corresponding to an R&D expense ratio of 6.4% [2][3] Summary by Sections Financial Performance - For 2024, the company is projected to achieve revenues of 6.76 billion yuan, with a year-on-year growth of 22.4%. The net profit attributable to shareholders is expected to be 561 million yuan, reflecting an 11.7% increase. The earnings per share (EPS) are forecasted at 1.33 yuan, with corresponding price-to-earnings (P/E) ratios of 19.5, 15.9, and 12.1 for 2024, 2025, and 2026 respectively [2][5] Market Position - The company holds a significant market share in the domestic market, ranking second in the onboard charger market for passenger vehicles with a 19.6% share as of August 2024. It has maintained the top position in the third-party supply market since 2020. The company has established partnerships with major automotive manufacturers, including SAIC Audi and Great Wall Motors, enhancing its market presence [3] Shareholder Returns - The company has proposed a mid-term dividend of 2.57 yuan per 10 shares (before tax), with a cash dividend payout ratio exceeding 50%. Additionally, the company announced a share buyback plan of 50 million to 100 million yuan to support employee stock ownership plans and reduce registered capital [4]