Shenzhen VMAX New Energy (SH:688612) Soochow Securities·2025-05-02 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 annual report and 2025 Q1 report performance met expectations, with 2024 revenue of 6.4 billion yuan, a year-on-year increase of 15%, and a net profit attributable to shareholders of 400 million yuan, a year-on-year decrease of 20% [7] - The product structure is continuously optimized, with high growth expected from 800V products and overseas markets in 2025, which is anticipated to enhance profitability [7] - The company has stable market share in the power supply segment and significant growth in the electric drive business, with a projected increase in sales volume and revenue [7] Financial Performance Summary - Total revenue for 2023 is projected at 5.523 billion yuan, with a year-on-year growth of 44.09%, and net profit attributable to shareholders at 502.4 million yuan, reflecting a year-on-year increase of 70.47% [1] - For 2024, total revenue is expected to reach 6.372 billion yuan, with a year-on-year growth of 15.39%, while net profit is forecasted to decline to 400.18 million yuan, a decrease of 20.34% [1] - The company anticipates a net profit of 514.81 million yuan in 2025, representing a year-on-year increase of 28.64% [1] Product and Market Insights - The company’s vehicle power supply revenue for 2024 is expected to be 5.1 billion yuan, with a year-on-year increase of 4%, while the electric drive business is projected to grow significantly, with a revenue increase of 418% [7] - The average selling price of vehicle power supplies is expected to stabilize, with 800V products and overseas sales showing strong performance [7] - The company has secured contracts with major automotive manufacturers, which is expected to further enhance market share in 2025 [7] Research and Development - R&D expenses are projected to grow significantly, with a stable expense ratio, indicating a commitment to innovation and product development [7] - The company’s operating cash flow for 2024 is expected to be 1.027 billion yuan, reflecting a year-on-year increase of 41% [8]