威迈斯：车载电源份额维持领先，新增头部车企客户定点

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has a leading market share in the vehicle power supply sector, with a market share of 18.6% in the domestic vehicle charging power market as of September 2024, ranking second [2] - The company reported a revenue of 4.36 billion yuan for the first three quarters of 2024, a year-on-year increase of 21.35%, and a net profit attributable to the parent company of 296 million yuan, up 2.81% year-on-year [2] - The company is expanding its product system through equity acquisitions, having acquired 38.5% of Weidis for 144 million yuan, which has improved profitability due to increased production capacity [2] - The company has established long-term strategic partnerships with several well-known automotive manufacturers, including SAIC Audi and Great Wall Motors, and aims to maintain its market share while exploring new customer opportunities [2] - The company is actively pursuing an overseas expansion strategy, having invested 50,000 euros to establish a subsidiary in France and is planning a production base in Thailand with an estimated capacity of 300,000 units per year [2] - The company received the "Global Supplier Quality Award" from Stellantis in September 2024, indicating strong performance in the overseas market [2] Financial Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 6.92 billion yuan, 8.30 billion yuan, and 9.86 billion yuan, respectively, with year-on-year growth rates of 25.36%, 19.90%, and 18.78% [4] - The net profit attributable to the parent company is expected to be 527 million yuan, 647 million yuan, and 840 million yuan for the years 2024, 2025, and 2026, with growth rates of 4.96%, 22.78%, and 29.80% respectively [4] - The report estimates the company's EPS for 2024, 2025, and 2026 to be 1.25 yuan, 1.54 yuan, and 2.00 yuan, with corresponding P/E ratios of 21.23X, 17.29X, and 13.32X [4]