联合动力（301656）：新能源汽车动力系统龙头

Investment Rating - The report assigns a rating of 2.52 for the company after excluding liquidity premium factors, placing it in the 34.2% percentile of the AHP model [7][8]. Core Insights - The company is a leader in the new energy vehicle (NEV) power system industry in China, with a comprehensive product lineup covering electric control, motors, power sources, and integrated solutions [9][12]. - The company has achieved a compound annual growth rate (CAGR) of nearly 80% in revenue from 2022 to 2024, significantly outperforming industry averages [9][20]. - The company has established deep partnerships with over 40 vehicle manufacturers, including major brands like Li Auto and Geely, and is set to become the largest independent supplier of hybrid dual-control products in China by 2024 [11][12]. - The company is expanding its international presence, having secured 12 overseas projects with major global automakers such as Volvo and Porsche, with a compound annual growth rate of nearly 450% in overseas revenue from 2022 to 2024 [12][20]. Summary by Sections AHP Score and Expected Allocation Ratio - The company achieved an AHP score of 2.52, indicating a strong position in the market, with expected allocation ratios for different investor categories being 0.0254% and 0.0226% under neutral conditions [7][8]. New Stock Fundamentals and Features - The company is positioned as a comprehensive supplier in the NEV power system sector, with products compatible with various voltage platforms and drive modes, enhancing adaptability [9][10]. - The company has a robust domestic market presence, with significant market shares in electric control and motor products, ranking first among third-party suppliers [11][12]. Comparable Company Financial Metrics - From 2022 to 2024, the company's revenue grew from 50.27 billion to 161.78 billion yuan, with a CAGR of 79.39%, surpassing comparable companies [20][24]. - The company turned profitable in 2023, with net profits increasing significantly in 2024, reflecting a turnaround in financial performance [20][24]. - The gross margin has been on the rise, reaching 16.57% in 2024, contrasting with the trends of comparable companies [24][29]. Fundraising Projects and Development Vision - The company plans to raise funds for core component production, R&D center construction, and digital system enhancements, aiming to increase production capacity significantly [31][32]. - The investment projects are expected to enhance the company's market share and technological capabilities in the NEV sector [31][32].