威迈斯（688612）：公司信息更新报告：业绩符合预期，推进全球化布局

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a revenue increase of 15.39% year-on-year, reaching 6.37 billion yuan in 2024, while the net profit attributable to shareholders decreased by 20.34% to 400 million yuan [3][6] - The company is a leading third-party supplier of vehicle power systems and is making significant progress in international markets, maintaining a strong outlook for future growth [3][4] - The projected net profits for 2025 and 2026 are adjusted to 598 million yuan and 780 million yuan, respectively, with an estimated EPS of 1.42 yuan and 1.85 yuan [3][6] Financial Summary - In 2024, the company achieved a revenue of 6.37 billion yuan, with a year-on-year growth of 15.39% [3][6] - The gross margin for the vehicle power business was 18.06%, showing a slight increase of 0.65 percentage points year-on-year, while the electric drive system's gross margin was 10.18%, down by 2.25 percentage points [3] - The company’s total assets are projected to reach 10.26 billion yuan in 2025, with total liabilities of 6.39 billion yuan [8] Business Performance - The vehicle power segment generated revenue of 5.11 billion yuan in 2024, up 3.53% year-on-year, with sales volume increasing by 20.36% to 2.42 million units [3][6] - The electric drive system segment saw a remarkable revenue increase of 418.39% year-on-year, reaching 960 million yuan [3][6] - The company has established partnerships with major automotive manufacturers, including SAIC Audi and Stellantis, enhancing its market position [4]