HANGZHOU ZHONGHENG(SZ:002364) Shanxi Securities·2025-05-30 00:53Market Trends - The automotive industry is experiencing increased investments from domestic and international companies, with the commercialization of Robotaxi expected to accelerate [4] - The domestic market indices showed positive performance, with the Shanghai Composite Index closing at 3,363.45, up 0.70% [2] Automotive Industry Insights - The value and penetration rate of smart driving chips are expected to increase significantly, benefiting companies like Horizon Robotics and Black Sesame [5] - Nvidia is applying its AI models to autonomous vehicles, partnering with Mercedes to launch a fleet globally [6] - Pony.ai plans to expand its Robotaxi fleet to 1,000 vehicles by the end of 2025, with a significant revenue increase in its Robotaxi business [6] - Baidu's autonomous driving service, "Luobo Kuaipao," provided over 1.4 million rides in Q1 2025, marking a 75% year-on-year growth [6] - Tesla is set to launch its autonomous taxi service in Austin, Texas, by the end of June 2025, with plans to expand to other cities [6] Company Analysis: Zhongheng Electric (002364.SZ) - Zhongheng Electric reported a revenue of 1.96 billion yuan in 2024, a year-on-year increase of 26.1%, and a net profit of 110 million yuan, up 178.5% [9] - In Q1 2025, the company achieved a revenue of 390 million yuan, a year-on-year increase of 11.1%, but a quarter-on-quarter decrease of 50.4% [9] - The company is a leader in HVDC solutions and is expected to benefit from the increasing penetration of direct current solutions [9][10] - The traditional power supply business is growing steadily, with overseas markets showing significant potential for expansion [10] - The company plans to continue its global expansion, focusing on communication and data center power supplies [10] Investment Recommendations - The report forecasts EPS for Zhongheng Electric to be 0.37, 0.56, and 0.79 for 2025-2027, with corresponding PE ratios of 44.1, 29.1, and 20.7 [11] - The initial coverage rating for Zhongheng Electric is "Buy-B" based on its growth potential and market position [11]