Enpower(300681) 开源证券·2025-01-15 00:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has secured a second low-altitude customer, enhancing its core Tier 1 position in the eVTOL market. This partnership with Yiwit Aviation aims to develop high-performance integrated motor and control systems for the ET9 eVTOL, which is expected to complete certification by 2027 [4][5] - The company maintains its profit forecasts for 2024-2026, expecting net profits of 71 million, 142 million, and 281 million yuan respectively, with corresponding EPS of 0.28, 0.55, and 1.10 yuan. The current stock price corresponds to PE ratios of 87, 43, and 22 times for the respective years [4][8] - The company’s strong R&D capabilities, led by experts in electrical engineering, position it favorably in the eVTOL industry, with its "integrated chip" products offering significant advantages in power density and weight [6] Financial Summary and Valuation Indicators - The company reported a revenue of 2,006 million yuan in 2022, with a projected increase to 3,786 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 30.4% [8] - The gross margin is expected to improve from 16.2% in 2022 to 22.8% in 2026, while the net profit margin is projected to rise from 1.2% to 7.4% over the same period [8] - The return on equity (ROE) is anticipated to increase from 1.4% in 2022 to 14.3% in 2026, indicating improved profitability and efficiency [8]