技术型驱动的平台化企业，受益自主可控趋势

Investment Rating - The report initiates coverage with a positive investment rating for the company, indicating strong growth potential in the power electronics sector [1]. Core Insights - The company has shown significant revenue growth, particularly in the precision testing power supply segment, which has become a major revenue contributor, primarily driven by applications in solar energy storage [4][23]. - The financial projections indicate a robust increase in revenue and net profit over the next few years, with expected revenues reaching approximately 1,541.93 million yuan by 2025, reflecting a compound annual growth rate (CAGR) of 30.59% from 2023E to 2025E [2][45]. - The company is positioned to capitalize on the growing demand for testing power supplies in the renewable energy sector, particularly in solar and electric vehicle applications, with a focus on domestic market penetration and potential for replacing imported products [29][75]. Financial Data Summary - Revenue (Million Yuan): - 2021: 519.84 - 2022: 578.98 - 2023E: 828.36 - 2024E: 1,180.77 - 2025E: 1,541.93 - Growth Rate (%): - 2021: 39.99 - 2022: 11.38 - 2023E: 43.07 - 2024E: 42.54 - 2025E: 30.59 - Net Profit Attributable to Parent Company (Million Yuan): - 2021: 47.52 - 2022: 68.69 - 2023E: 130.01 - 2024E: 192.94 - 2025E: 270.33 - Earnings Per Share (EPS): - 2021: 0.58 - 2022: 0.83 - 2023E: 1.58 - 2024E: 2.34 - 2025E: 3.28 - Price-to-Earnings Ratio (P/E): - 2021: 84.33 - 2022: 58.35 - 2023E: 30.82 - 2024E: 20.77 - 2025E: 14.83 [2]. Business Overview - The company has transitioned into a technology platform company focused on power electronics, with a strong emphasis on precision testing power supplies, special power supplies, and power quality control equipment [4][35]. - The precision testing power supply segment has seen a significant increase in revenue contribution, rising from 13.6% in 2020 to 63.5% in the first half of 2023 [18]. - The company has established a solid customer base in the solar energy and electric vehicle sectors, with major clients including leading inverter manufacturers and automotive companies [77][78]. Market Position and Competitive Advantage - The company is well-positioned to leverage its technological advantages and competitive pricing to capture market share in the domestic testing power supply market, particularly as it seeks to replace imported products [31][59]. - The report highlights the company's strong relationships with key clients in the renewable energy sector, which are expected to drive future growth and expansion into new markets [60][62].