Enpower(300681) 开源证券·2025-01-10 01:52Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is positioned as a leader in the low-altitude electric drive sector and is expanding into eVTOL (electric Vertical Take-Off and Landing) aircraft manufacturing through a joint venture with EHang Intelligent, investing 6 million yuan for a 60% stake [3][4] - The eVTOL business is expected to significantly enhance the company's supply value, with a strong order backlog and industry certifications creating high entry barriers [4] - The company maintains its profit forecasts for 2024-2026, projecting net profits of 71 million yuan, 142 million yuan, and 281 million yuan respectively, with corresponding EPS of 0.28 yuan, 0.55 yuan, and 1.10 yuan, indicating a substantial growth trajectory [3][4] Financial Summary - The company's total revenue for 2022 was 2,006 million yuan, with a projected increase to 2,904 million yuan in 2025 and 3,786 million yuan in 2026, reflecting a year-on-year growth of 21.8% and 30.4% respectively [7] - The net profit for 2022 was 25 million yuan, expected to rise to 171 million yuan in 2025 and 340 million yuan in 2026, with a significant year-on-year growth of 100.8% and 98.0% respectively [7] - The gross margin is projected to improve from 16.2% in 2022 to 22.8% in 2026, while the net margin is expected to increase from 1.2% to 7.4% over the same period [7] Market Position and Competitive Advantage - The company has established a strong R&D capability, with key personnel being electrical experts, and has developed integrated chip products that are highly compatible with eVTOL applications, offering over 30% power improvement compared to competitors [5] - Long-term partnerships with major automotive clients such as Geely, Xiaopeng, and Changan are expected to bolster the company's position as a core Tier 1 supplier in the eVTOL sector [5]