Investment Rating - The report assigns an investment rating of "Buy" for the company [2]. Core Insights - The company is a leading domestic supplier of automotive power supplies, with significant partnerships with major clients such as GAC, NIO, and Xiaomi. The company has a market share of approximately 15% in the domestic automotive power supply market as of 2022 and 2023, although it has decreased to 9.6% in the first half of 2024 due to a decline in GAC Aion sales. The company has a robust project pipeline and is expected to achieve high growth in the future [2][3][4]. Summary by Sections Company Overview - Founded in 2011, the company specializes in high-voltage automotive power systems and has established a comprehensive product development system. It has transitioned from grid charging products to automotive power systems, achieving profitability since 2021 [53][54]. Domestic Market Position - The company's core clients are GAC and NIO, with revenue contributions increasing from 50.3% in 2021 to 76.4% in 2023. The company is the main supplier for GAC Aion and has successfully replaced competitors in NIO's supply chain [3][4]. International Expansion - The company has made significant strides in international markets, with projects for Renault and Stellantis underway. It established a wholly-owned subsidiary in France in 2021 and is building a production base in Thailand [4][5]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 1.863 billion, 2.443 billion, and 3.090 billion yuan, respectively. Net profits are projected to be 93 million, 120 million, and 165 million yuan for the same years, with corresponding EPS of 0.84, 1.08, and 1.49 yuan per share [2][6]. Product and Market Trends - The company focuses on high-end automotive models, with a gross margin that ranks among the highest in the industry. The automotive power supply market is expected to grow significantly, driven by the increasing demand for electric vehicles [100][105]. Research and Development - The company emphasizes R&D, with a significant increase in R&D expenses from 1.1 million yuan in 2022 to 2.1 million yuan in 2023. The R&D team is experienced, with many members having over ten years in the industry [80][85].
富特科技：公司首次覆盖报告：国内车载电源头部供应商，海外新拓客户放量在即