爱科赛博：公司首次覆盖报告：乘国产替代东风，打造高端电源头部厂商

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected performance that will exceed the market by over 20% [2][32]. Core Insights - The company is positioned as a leader in the domestic testing power supply market, particularly in high-power applications, and is expected to benefit from the ongoing domestic demand for new energy vehicles and photovoltaic systems [3][50]. - The company has set ambitious revenue and net profit targets for 2024-2026, forecasting revenues of 11.78 billion, 16.03 billion, and 21.65 billion yuan, respectively, with net profits of 1.51 billion, 2.17 billion, and 2.84 billion yuan [6][53]. Summary by Sections Market Opportunity - The domestic testing power supply market is projected to reach 70-100 billion yuan by 2022, with significant growth expected in the photovoltaic inverter testing power supply market, estimated to reach 3.23 billion yuan by 2025 [3][22]. - The new energy vehicle sector is anticipated to create a testing power supply market worth 2.78 billion yuan by 2025, driven by increased production capacity [20][22]. Company Overview - The company has over 20 years of experience in the power electronics field, focusing on R&D and innovation to expand its product range from specialized power supplies to energy quality control and testing power supplies [5][38]. - The company has established a strong customer base, including major players like Huawei and BYD, which enhances its market position [22][29]. Financial Performance - The company has shown robust revenue growth, with a compound annual growth rate (CAGR) of 113% in its testing power supply business from 2020 to 2023, increasing from 0.51 billion yuan to 4.87 billion yuan [46]. - The gross profit margin has improved steadily, reaching 45.2% in 2023, while the net profit margin has also shown significant growth, reaching 16.2% [23][53]. Future Projections - The company aims to achieve a revenue of 1.18 billion yuan in 2024, with a year-on-year growth rate of 42.5%, and expects to maintain a similar growth trajectory through 2026 [53]. - The report highlights the potential for the company to capitalize on the increasing demand for high-end industrial power supplies and the ongoing trend of domestic substitution in the power supply market [51][52].