Dongguan Aohai Technology (SZ:002993) Huachuang Securities·2025-05-13 10:25Investment 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][10]. 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][14]. - The report highlights the company's strong market share in mobile chargers and its strategic partnerships with major clients, which are expected to drive revenue growth [6][10][14]. Summary by Sections Company Overview - The company is a leading player in mobile charging solutions, focusing on the design, development, and production of chargers and power banks for smart devices [14][15]. - It has expanded its business into electric vehicles and digital energy, aiming to capture growth in these sectors [14][15]. Financial Performance - Projected total revenue for 2024 is 6,423 million CNY, with a year-on-year growth of 24.1% [2]. - The net profit attributable to shareholders is expected to reach 465 million CNY in 2024, reflecting a growth of 5.4% [2]. - The company has shown consistent revenue growth, with a significant increase in its digital energy segment [25][32]. Consumer Electronics - The demand for mobile chargers is expected to rise due to the recovery in smartphone shipments and the increasing penetration of AI technology, which enhances charging power and battery capacity [33][36]. - The company maintains the largest market share in mobile chargers globally, with a focus on both original equipment manufacturer (OEM) and aftermarket segments [6][10][33]. Electric Vehicles - The electric vehicle market is growing rapidly, and the company aims to establish itself as a key player in the international electric control sector through strategic acquisitions [6][10][14]. - The acquisition of a controlling stake in a key electric control company has significantly boosted revenue and market penetration [6][10][14]. Digital Energy - The company is expanding its digital energy product line, including server power supplies and charging stations, with a focus on high-power applications [6][10][14]. - The server power supply segment is projected to benefit from the increasing demand driven by AI applications, with products covering power ranges from 550W to 8000W [6][10][14].