EWPT(300115) 华西证券·2025-01-22 07:00Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][6][20]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 700-820 million yuan in 2024, representing a year-on-year increase of 716.78-856.79%. The non-recurring net profit is projected to be 460-580 million yuan, reflecting a year-on-year growth of 2368.86-3012.91% [1][3]. - The company's dual pillar strategy is showing significant results, with continuous optimization of profitability driven by strong demand from key clients like Apple and Samsung, particularly in the consumer electronics sector [1][2][10]. - The expansion into the new energy components sector is expected to enhance performance, with new production capacities coming online to meet the growing demand from major clients [2][10]. Summary by Sections Company Overview - The company is a leading manufacturer of precision electronic components in China, established in 2001 and listed in 2010. It has expanded its business through capacity expansion and acquisitions, focusing on both consumer electronics and new energy sectors [10][12]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are 16.397 billion, 19.607 billion, and 23.346 billion yuan, respectively, with year-on-year growth rates of 19.49%, 19.58%, and 19.07% [3][18]. - Net profit forecasts for the same period are 760 million, 865 million, and 1.078 billion yuan, with year-on-year growth rates of 786.75%, 13.87%, and 24.60% [3][18]. - The report indicates an expected EPS of 0.56, 0.64, and 0.80 yuan for 2024, 2025, and 2026, respectively [3][20]. Business Segments - The consumer electronics segment is anticipated to recover, driven by stable demand for MacBook and new product launches from Apple, as well as increased production of Samsung's titanium alloy casings [1][17]. - The new energy components segment is projected to grow significantly, with revenue estimates of 4.5 billion, 6 billion, and 7.5 billion yuan for 2024-2026, reflecting year-on-year growth rates of 27.13%, 33.33%, and 25.00% [17][18]. Relative Valuation - The company's PE ratios for 2024, 2025, and 2026 are projected to be 34.27x, 30.09x, and 24.15x, respectively, compared to an average PE of 21.59 for comparable companies [3][20].