Shenzhen VMAX New Energy (SH:688612) 市值风云·2026-02-27 10:14Core Viewpoint - The demand for vehicle power supplies is showing signs of slowing down in the fourth quarter, impacting the overall performance of the company [1]. Group 1: Company Performance - VMAX (威迈斯) reported an estimated revenue of 6.342 billion in 2025, a slight decline of 0.48% year-on-year, while net profit attributable to shareholders is expected to reach 557 million, reflecting a growth of 39.22% [4]. - The company has initiated a share buyback program with a total amount of 9.09 million, with share prices ranging between 32.38 and 33.20 per share, which is higher than the closing price on the first trading day after the earnings announcement [5]. - The company has achieved a historical high in profit growth despite a stable revenue outlook, with the vehicle power supply segment contributing 89% of its main business income in the first half of 2025 [15]. Group 2: Market Position and Product Development - VMAX is a leading player in the vehicle power supply market, holding approximately 16% market share in the domestic passenger vehicle onboard charger market, ranking second after BYD's Fudi Power [14]. - The company has successfully transitioned from general power supplies to automotive-grade power supplies, focusing on integrated vehicle power supply products, including onboard chargers and DC/DC converters [9]. - VMAX has entered mass production of 800V high-voltage platform SiC products, supplying to several high-end models from brands like Xiaopeng and Ideal [16]. Group 3: Industry Trends and Future Outlook - The vehicle power supply business saw a revenue growth of 3.5% in 2024, but the growth rate is expected to slow down in 2025, with a projected revenue of 5.107 billion [18]. - The electric drive system has shown remarkable growth, with a revenue increase of 418.39% in 2024, continuing to grow by 12.7% in the first half of 2025 [20]. - The company anticipates a decline in revenue for the fourth quarter of 2025, which is traditionally a peak season, indicating a potential downturn in demand [20]. - The company is also focusing on expanding its overseas market presence, with Stellantis becoming one of its top five clients, although overseas revenue saw a significant decline of 46.6% in the first half of 2025 [24][26].