JoulWatt(688141) AVIC Securities·2024-12-20 00:13Investment Rating - The investment rating for the company is "Buy" [1][12]. Core Views - The company is gradually establishing a complete AI server power supply system, with the DrMOS product line achieving mass production and demonstrating industry-leading performance in efficiency and reliability [1]. - The demand for DrMOS in the AI server sector is expected to grow due to increasing power density and energy consumption requirements [1]. - The company is adopting a virtual IDM model, enhancing its R&D capabilities and optimizing system designs based on application scenarios [1]. Financial Projections - The company is projected to achieve sales revenues of 1.546 billion, 1.980 billion, and 2.478 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding growth rates of 19.24%, 28.05%, and 25.13% [2][4]. - The projected net profit for 2024 is -625.42 million yuan, improving to -461.08 million yuan in 2025 and -213.12 million yuan in 2026 [4]. - The gross margin is expected to increase from 27.94% in 2024 to 32.89% in 2026 [4]. Product Development - The company has launched a series of high-current DrMOS products, including 30A, 50A, 70A, and 90A, which have already achieved mass production [1]. - The product matrix is expanding, with multi-phase controller products set to complement the existing offerings [1]. Market Position - The company is well-positioned in the domestic high-performance server market, leveraging its dual advantages in process and chip design [1][2].