汇川技术：联合动力IPO受理，第三方电驱动龙头释放盈利弹性

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has experienced significant revenue growth, with a projected revenue of 210-230 billion yuan in 2025, representing a year-on-year increase of 40-50% [2][3] - The company has established a strong market position, with its revenue share increasing from 16% in 2021 to 41% in the first three quarters of 2024 [1] - The company is expected to benefit from new customer contributions and collaborations with major international automotive brands [2] Revenue Growth and Product Development - The company's revenue for the first three quarters of 2023 was 94 billion yuan, reflecting a year-on-year growth of 79%, with a compound annual growth rate (CAGR) of 80% from 2021 to 2023 [1] - The company has developed a multi-level product structure, with significant sales in electric drive and power systems, achieving sales of 134,000 and 37,000 units respectively in the first half of 2024 [1] Customer Structure and Market Position - The top five customers in the first half of 2024 accounted for 33.2%, 14.0%, 6.8%, 6.4%, and 6.0% of revenue, with a notable increase in the share from the leading customer [2] - The company is collaborating with major international automotive manufacturers, including Volvo, Stellantis, Volkswagen, Audi, Porsche, and Jaguar Land Rover, for mass supply of OBC and DC/DC products [2] Profitability Forecast - The company is projected to achieve net profits of 50.3 billion yuan, 60.1 billion yuan, and 71.8 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 31, 26, and 22 [3] - The report anticipates a long-term net profit margin improvement, with expectations of reaching 8% in the future [9] Financial Health - As of the first half of 2024, the company's total assets and net assets were 129.7 billion yuan and 41.7 billion yuan respectively, showing steady growth [10] - The company's debt ratio has improved, with a decrease from 70.4% in 2021 to 67.9% in the first half of 2024 [10]