Dongguan Aohai Technology (002993) Huachuang Securities·2025-05-13 08:48Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 48.35 CNY and a current price of 39.49 CNY [2][6]. Core Views - The company is positioned as a global leader in mobile charging solutions, benefiting from the growth in consumer electronics driven by AI technology, as well as expanding into the electric vehicle and digital energy sectors [6][10]. - The company is expected to achieve significant revenue growth, with projected revenues of 64.23 billion CNY in 2024, increasing to 121.46 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of 24.1% [2][25]. - The company’s net profit is forecasted to grow from 4.65 billion CNY in 2024 to 9.61 billion CNY in 2027, indicating a strong upward trend in profitability [2][10]. Summary by Sections Company Overview - The company is a leading player in the mobile charging market, with a focus on expanding into the electric vehicle and digital energy sectors. It has established long-term partnerships with major clients in the consumer electronics space [6][14]. - The company has a stable shareholding structure, with the founders holding over 50% of the shares, ensuring effective decision-making and alignment of interests [20][21]. Financial Performance - The company reported a revenue of 64.23 billion CNY in 2024, with a year-on-year growth of 24.1%. The net profit for the same year is projected at 4.65 billion CNY, reflecting a growth of 5.4% [2][25]. - The gross margin for 2024 is expected to be 19.84%, with a stable R&D expense ratio of 5.48% [27][28]. Consumer Electronics - The demand for mobile chargers is expected to rise due to the recovery in smartphone shipments, with a projected global smartphone shipment of 1.24 billion units in 2024, marking a 6.4% year-on-year increase [33][36]. - The penetration of AI in smartphones is anticipated to drive the demand for higher charging power and battery capacity, leading to an increase in charger prices [36][38]. Electric Vehicles - The company aims to become a key player in the electric vehicle control systems market, leveraging its acquisition of a controlling stake in a related company to enhance its product offerings [6][10]. - The electric vehicle market is experiencing significant growth, with the company positioned to benefit from this trend through its advanced technology and partnerships [6][10]. Digital Energy - The company is expanding its digital energy product line, including server power supplies and charging stations, with a focus on meeting the growing demand driven by AI applications [9][10]. - The server power supply segment is expected to see substantial growth, with products designed to support AI workloads [9][10].