威迈斯：2024年三季报点评：海外占比持续提升，电驱业务开启放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance met expectations, with revenue of 4.4 billion yuan, a year-on-year increase of 21%, and a net profit attributable to shareholders of 300 million yuan, a year-on-year increase of 3% [2] - The company maintains a stable market share in power supplies, with its electric drive business starting to ramp up, and it has achieved mass production of wireless charging technology [3] - The product structure is continuously optimized, with an expected increase in overseas customer volume in 2025, which is anticipated to enhance profitability [4] - The expense ratio has decreased, and the operating cash flow is strong, with a notable increase in cash flow in Q3 [5] Revenue and Profit Forecast - The company’s total revenue is projected to reach 6.642 billion yuan in 2024, with a year-on-year growth of 20.27% [1] - The net profit attributable to shareholders is expected to be 517.83 million yuan in 2024, reflecting a year-on-year increase of 3.07% [1] - The earnings per share (EPS) is forecasted to be 1.23 yuan in 2024, with a price-to-earnings (P/E) ratio of 20.32 [1] Financial Performance - For the first three quarters of 2024, the company reported a gross margin of 19.7%, a year-on-year increase of 1.1 percentage points, and a net profit margin of 6.8%, a decrease of 1.2 percentage points [2] - The average selling price of vehicle-mounted power supplies was 2,275 yuan per unit in the first three quarters, with a slight decline in Q3 due to seasonal factors [4] - The company’s operating cash flow for the first three quarters was 360 million yuan, a decrease of 36% year-on-year, but Q3 cash flow showed a significant increase [5]