Shenzhen VMAX New Energy (SH:688612) EBSCN·2024-04-30 01:13Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a significant increase in revenue and net profit for 2023, with revenue reaching 5.52 billion yuan, a year-on-year growth of 44.09%, and net profit of 502 million yuan, up 70.42% [1]. - The company is a leading player in the vehicle charging industry, showcasing scale advantages and a strong market position, particularly in the third-party supply market [1]. - The company has made substantial progress in overseas markets, with overseas revenue growing by 192.14% in 2023, benefiting from the export of new energy vehicles [1]. - The company has invested heavily in R&D, with a focus on advanced technologies such as 800V vehicle power systems and liquid cooling modules, which have started mass production [1]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.52 billion yuan and a net profit of 502 million yuan, with respective growth rates of 44.09% and 70.42% [1][2]. - The first quarter of 2024 saw a revenue of 1.37 billion yuan, a year-on-year increase of 30.99% [1]. Market Position - The company shipped 2.01 million vehicle power supplies in 2023, marking a 38.45% increase, and held a market share of 18.8% in the passenger vehicle onboard charger market, ranking second [1]. - The company leads the third-party supply market with a share of approximately 32.38% [1]. Profitability - The gross margin for 2023 was 19.84%, with a net margin of 9.08%, reflecting improved efficiency and scale effects [1]. - The company’s gross margin for vehicle power integration products was 18.83%, while the electric drive system saw a gross margin increase to 13.91% [1]. R&D and Technology - The company invested 269 million yuan in R&D in 2023, representing 4.87% of its revenue, focusing on core technologies such as magnetic integration and high-performance materials [1]. - The company’s 800V vehicle integrated power products have been adopted by major clients, including XPeng Motors [1]. Future Outlook - The report adjusts the net profit forecasts for 2024 and 2025 to 669 million yuan and 889 million yuan, respectively, while introducing a forecast of 1.10 billion yuan for 2026 [2]. - The company is expected to benefit from the growing demand for new energy vehicles and the integration of advanced technologies in its product offerings [1].