西典新能（603312）公司首次覆盖报告：电连头部公司，动储驱动增长

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook based on its fundamentals and expected performance in the market [3]. Core Insights - The company, Xidian New Energy, is a leading player in battery connection technology, with a market share of approximately 15% in battery connection systems and 31% in electric control busbars as of the first half of 2023 [1][2]. - The company has established strong customer loyalty through high product reliability, with significant clients including CATL, BYD, and Rockwell Automation [2]. - The global lithium battery shipment is projected to reach approximately 1545 GWh in 2024, representing a year-on-year growth of 29%, which is expected to benefit the company significantly [2]. Financial Performance - For the first half of 2024, the company reported revenue of approximately 1.41 billion yuan, a year-on-year increase of 4%, and a net profit of about 150 million yuan, up 3% year-on-year [1]. - The company's gross margin is approximately 17.7% for 2024, with a net profit margin of about 10.5% [1]. - Revenue projections for 2024, 2025, and 2026 are estimated at 2.2 billion yuan, 2.54 billion yuan, and 2.91 billion yuan, respectively, with corresponding net profits of 220 million yuan, 310 million yuan, and 360 million yuan [3][5]. Market Position and Growth Potential - The company has a strong technical barrier in product design and manufacturing, having collaborated with major firms like CRRC and GE, and is expected to benefit from breakthroughs in FCC technology by the end of 2024 [1][2]. - The indirect downstream market includes new energy vehicles and energy storage, with a compound annual growth rate of approximately 22% expected until 2030 [2]. - The company is well-positioned to capitalize on the rapid growth in demand for lithium batteries, with significant market opportunities ahead [2].