西典新能（603312）：新能源驱动成长，技术创新构筑护城河

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company is driven by growth in the new energy sector, with technological innovations creating a competitive moat [1][5] - The company achieved a revenue of 2.165 billion yuan in 2024, representing a year-on-year growth of 17.94%, and a net profit of 228 million yuan, up 14.99% year-on-year [4][10] - The company is expanding its production capacity with the construction of a new factory in Chengdu and the expansion of its Suzhou factory, which is expected to enhance its production capabilities [5][6] Summary by Sections Market Performance - The company's stock price is currently at 36.6 yuan, with a market capitalization of 5.9 billion yuan and a 52-week price range of 24.47 to 38.59 yuan [1] Business Segments - The battery connection system segment benefited from the growing demand in the new energy vehicle and energy storage markets, achieving sales of 6.1274 million units, a 13.96% increase year-on-year, and revenue of 1.669 billion yuan, up 14.07% year-on-year [5] - The electric control busbar business generated revenue of 248 million yuan, a 20.58% increase year-on-year, while the industrial electrical busbar segment saw revenue of 173 million yuan, up 21.98% year-on-year [5] Technological Innovation - The company has made significant breakthroughs in thin film, direct welding, and FCC sampling technologies, which have been successfully applied to its battery connection system products [6] - The introduction of single-layer film hot pressing technology has reduced material costs and increased automation, enhancing product reliability [6] Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are projected at 2.514 billion yuan, 2.901 billion yuan, and 3.349 billion yuan respectively, with corresponding EPS of 1.63 yuan, 1.92 yuan, and 2.23 yuan [7][10] - The company is expected to benefit from the growth in demand for new energy vehicles and energy storage, supported by its technological innovations [8]