Shenzhen VMAX New Energy (SH:688612) Guohai Securities·2024-02-04 16:00Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][5][17]. Core Insights - The company has demonstrated strong product competitiveness and has gained customer recognition, leading to rapid performance growth. Key factors include a focus on the electric vehicle sector, continuous optimization of product structure and performance, and an active "going out" strategy that has resulted in increased overseas revenue [2][17]. - The company is expected to achieve significant revenue growth, with projected revenues of 56.53 billion yuan in 2023, representing a 47% increase year-on-year, and further growth to 72.36 billion yuan in 2024 [3][15]. - The net profit attributable to the parent company is forecasted to be between 4.6 billion and 5.3 billion yuan for 2023, reflecting a year-on-year growth of 55% to 80% [15]. Summary by Relevant Sections Recent Performance - In Q4 2023, the company achieved a median revenue of 2.06 billion yuan, a 61% increase year-on-year and a 54% increase quarter-on-quarter, marking the highest revenue since 2019 [30]. - The median net profit for Q4 2023 was 210 million yuan, showing a year-on-year increase of 157% and a quarter-on-quarter increase of 171% [30]. Financial Projections - Revenue projections for 2023, 2024, and 2025 are 56.53 billion yuan, 72.36 billion yuan, and 91.90 billion yuan, respectively, with growth rates of 47%, 28%, and 27% [3][5]. - The net profit attributable to the parent company is expected to be 4.9 billion yuan in 2023, 6.5 billion yuan in 2024, and 8.4 billion yuan in 2025, with corresponding growth rates of 66% and 33% [3][17]. Valuation Metrics - The report provides various valuation metrics, including a projected P/E ratio of 25.36 for 2023, decreasing to 14.84 by 2025 [3][5]. - The projected ROE is expected to be 15% in 2023, increasing to 18% by 2025 [5][17].