Dongguan Aohai Technology (002993) 开源证券·2024-04-30 11:00Investment Rating - The report maintains a "Buy" rating for the company, indicating expected strong performance relative to the market [11][32]. Core Insights - The company achieved a revenue of 5.174 billion yuan in 2023, a year-on-year increase of 15.84%, with a net profit attributable to shareholders of 441 million yuan, up 0.76% year-on-year [2][3]. - For Q1 2024, the company reported a revenue of 1.363 billion yuan, representing a 51.06% year-on-year growth, and a net profit of 123 million yuan, up 37.72% year-on-year [2][3]. - The report highlights the growth potential in the electric vehicle sector, particularly due to the mass production of new energy vehicle products [2][11]. Financial Performance Summary - Revenue and Profit Forecasts: The company is projected to achieve net profits of 641 million yuan, 861 million yuan, and 1.047 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.32 yuan, 3.12 yuan, and 3.79 yuan [2][27]. - Revenue Breakdown: In 2023, the charger and adapter segment generated 3.959 billion yuan (76.52% of total revenue), while the electric control products for new energy vehicles contributed 547 million yuan (10.58% of total revenue) [3][12]. - Cost and Margin Analysis: The gross margin for 2023 was 22.25%, a slight increase of 0.50 percentage points year-on-year, while the gross margin for Q1 2024 was 22.08%, showing a decrease of 2.25 percentage points year-on-year [2][3]. Market Outlook - The report anticipates a recovery in the smartphone market in 2024, which is expected to drive continued growth in the company's mobile charger business [12][26]. - The company has completed the development of its 2000W mainstream server power supply, which is expected to contribute to revenue growth as production ramps up [12][26].