威迈斯：车载电源龙头迎接快充与海外电动化趋势

Investment Rating - The investment rating for the company is "Buy" [3]. Core Insights - The company has established itself as a leading third-party supplier in the automotive power supply sector, with a focus on electric vehicle (EV) applications. In 2023, the company achieved a revenue of 5.523 billion yuan, representing a year-on-year growth of 44.09%, and a net profit of 502 million yuan, up 70.47% year-on-year [8][41]. - The company is expanding its product offerings in the electric drive system and charging module sectors, enhancing its downstream market presence. It has secured contracts with major domestic and international clients, including SAIC Group and Great Wall Motors, for various electric drive products [8][20]. - The company is well-positioned to benefit from the trend towards high-voltage fast charging in the EV market, with its 800V products expected to increase in value. The company has been recognized as a supplier for Stellantis, indicating a strong potential for overseas revenue growth [8][46]. Summary by Sections 1. Company Overview - The company has been focused on automotive power supplies for 19 years, achieving a solid position as a third-party leader. It began its EV business in 2009 and has made significant advancements in integrated power supply products since 2013 [8][20]. 2. Revenue and Profit Growth - The company's revenue has grown from 729 million yuan in 2019 to 5.523 billion yuan in 2023, with a compound annual growth rate (CAGR) of 65.91%. The net profit has also seen substantial growth, from 34 million yuan in 2019 to 502 million yuan in 2023 [41][70]. 3. Product Development and Market Expansion - The company is actively expanding its product matrix, focusing on integrated power supply products that contribute significantly to its revenue. The share of automotive power supply products in total revenue has increased from 79.32% in 2019 to 89.31% in 2023 [8][70]. - The company has initiated a "going out" strategy, with overseas revenue rising from 1 million yuan in 2020 to 681 million yuan in 2023, accounting for 12.33% of total revenue [8][46]. 4. Financial Projections - The company forecasts revenues of 7.27 billion yuan, 9.09 billion yuan, and 11.43 billion yuan for 2024, 2025, and 2026, respectively. The projected net profits for the same years are 700 million yuan, 880 million yuan, and 1.13 billion yuan [8][25].