深度报告：测试电源头部企业，高端制造电源国产替代大有可为

Investment Rating - The report assigns a positive investment rating to the company, indicating strong growth potential in the testing power supply and special power supply sectors [70]. Core Insights - The company is positioned as a leading manufacturer in the testing power supply sector, benefiting from domestic substitution trends and expanding into high-demand industries such as electric vehicles and renewable energy [7][26]. - The company's revenue is projected to grow significantly, with estimates of 8.59 billion, 11.63 billion, and 15.31 billion yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 48%, 35%, and 32% [99]. - The company has established strong partnerships with notable clients and research institutions, enhancing its market presence and credibility [8]. Financial Performance - Total revenue for the company is expected to reach 1,531 million yuan by 2025, with a compound annual growth rate (CAGR) of 31.6% from 2023 to 2025 [3]. - The net profit attributable to the parent company is projected to grow from 141 million yuan in 2023 to 264 million yuan in 2025, indicating a robust growth trajectory [3]. - The gross profit margin is expected to improve from 46.7% in 2023 to 47.5% in 2025, reflecting enhanced profitability [3]. Business Segments - The precision testing power supply segment has become the main revenue driver, with sales increasing from 5,055.34 million yuan in 2020 to 30,758.84 million yuan in 2022, accounting for 55.14% of total revenue [14]. - The special power supply segment is also expected to see significant growth, particularly in the semiconductor and aerospace industries, driven by domestic substitution and increasing demand [92][94]. - The company is actively expanding its research and development capabilities, with a focus on innovative power supply solutions to meet the evolving needs of high-tech industries [19][94]. Market Position - The company has a strong competitive edge in the testing power supply market, with its products achieving performance levels comparable to leading international brands such as AMETEK [89]. - The domestic market for testing power supplies is experiencing rapid growth, with increasing demand from sectors like renewable energy and electric vehicles, positioning the company favorably for future expansion [81][99]. - The company is recognized as a key player in the special power supply market, particularly in applications related to aerospace and rail transportation, where it has established a strong reputation [89].