Enpower(SZ:300681) Guoxin Securities·2025-09-16 05:15Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][55]. Core Insights - The company achieved a revenue of 823 million yuan in Q2 2025, representing a year-on-year growth of 50%. For the first half of 2025, the total revenue reached 1.37 billion yuan, up 33.8% year-on-year, with a net profit of 37.13 million yuan, an increase of 7.0% [2][9][10]. - The company is a leading enterprise in China with independent R&D and production capabilities in both electric drive systems and power systems for the new energy sector. It has established long-term collaborations with major automotive manufacturers [3][32]. - The company is actively expanding into the eVTOL and joint module sectors, with significant progress in partnerships and project developments [4][47]. Financial Performance - In H1 2025, the company's power assembly revenue was 620 million yuan, up 24.4% year-on-year, with a gross margin of 14.2%. The electric drive assembly revenue was 540 million yuan, showing a remarkable growth of 125.1% year-on-year, with a gross margin of 9.8% [2][9]. - The report forecasts revenues of 3.03 billion yuan, 3.80 billion yuan, and 4.52 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 119 million yuan, 194 million yuan, and 246 million yuan for the same years [5][55]. Market Position and Strategy - The company has successfully secured projects with key clients in various sectors, including new energy passenger vehicles, commercial vehicles, and non-road vehicles, demonstrating effective customer expansion [3][32][46]. - The company is focusing on high-quality product offerings and aims to become a leading provider of overall solutions in the new energy power domain, leveraging its advanced manufacturing capabilities and R&D strengths [33][36]. Product Development - The company has developed a comprehensive product matrix in the new energy vehicle sector, with significant sales growth in power assemblies and drive systems, positioning itself among the top Tier 1 suppliers in China [37][38]. - The innovative "integrated chip" technology enhances the efficiency, lightweight, and cost-effectiveness of its products, contributing to its competitive edge in the market [36][41].