Investment Rating - The report initiates coverage with a "Buy" rating for the company [75]. Core Viewpoints - The company focuses on the power fuse market and benefits from the rapid development of new energy electric vehicles, having established itself as a domestic leader in the industry [49][70]. - The company has a stable revenue structure, with approximately 50% of total revenue coming from the new energy vehicle sector, where it holds the top market share in China [53][97]. - The company is expected to see significant revenue growth driven by the increasing demand for high-voltage and intelligent products, particularly in the context of the electrification of vehicles [74][78]. Summary by Sections Company Overview - The company was established in 2007 and has focused on the high-end power fuse market, entering various sectors including communication and new energy [70]. - It has developed a strong brand presence and product line, becoming a leading player in the domestic power fuse industry [70]. Market Position - The company holds a 55% market share in the domestic new energy vehicle fuse market as of 2019, ranking first [18]. - In 2022, the company's fuse business revenue was 755 million yuan, accounting for approximately 5.85% of the global fuse market [18][50]. Financial Performance - The company achieved a revenue of 755 million yuan in 2022, a year-on-year increase of 96.04%, with a net profit of 154 million yuan, up 91.11% [49]. - Revenue projections for 2023-2025 are estimated at 1.08 billion, 1.49 billion, and 1.99 billion yuan, respectively, with corresponding growth rates of 43%, 38%, and 33% [56]. Product Development - The company is increasing its investment in research and development, with R&D expenses reaching 55 million yuan in 2022, representing 7.27% of total revenue [99]. - The introduction of eFuse technology is expected to enhance the company's competitive edge in the low-voltage segment, with significant growth potential in the global market [25][50]. International Expansion - The company is actively expanding into international markets, having secured exclusive orders from German clients for high-voltage products, with expected revenues of 900-1,200 million yuan starting in 2025 [23][54]. - The establishment of overseas channels is anticipated to further increase the company's market share and sales scale [54].
EV高压化、智能化打开公司成长空间