Core Viewpoint - Shenzhen Youyou Green Energy Co., Ltd. successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market on June 5, 2023, and is a leading supplier of charging modules for electric vehicles in China, holding a market share of 10.58% in 2023 [1][2]. Group 1: Company Overview - Youyou Green Energy specializes in the research, production, and sales of core components for direct current (DC) charging equipment for electric vehicles, with a focus on 15kW, 20kW, 30kW, and 40kW charging modules [2]. - The company has established long-term partnerships with leading enterprises in various sectors, including charging pile manufacturers and electric vehicle manufacturers, both domestically and internationally [2]. Group 2: Market Position and Growth - In 2023, the charging module market experienced an increase of 726.60 billion watts, with Youyou Green Energy's domestic sales reaching 76.90 billion watts, resulting in a market share of 10.58% [2]. - The company's revenue is projected to grow from 9.88 billion yuan in 2022 to 14.97 billion yuan in 2024, with a year-on-year increase of 3.87% expected in the first half of 2025 [3]. Group 3: Industry Trends - The electric vehicle market in China has seen significant growth, with annual sales rising from 301,700 units in 2016 to 8,968,100 units in 2023, reflecting a compound annual growth rate (CAGR) of 62.35% [4]. - The number of charging piles has increased from 445,700 units at the end of 2017 to 10,243,000 units by mid-2024, with a CAGR of 61.97% [4]. Group 4: Product Development and Innovation - Youyou Green Energy has developed new products, including a 40kW ultra-high power charging module and a 30kW charging module designed for harsh environments, which have received positive feedback from customers [4]. - The company is also focusing on small power DC charging products, V2G products, and energy storage charging products, with advancements in technology such as DSP chips enabling new applications [5][6]. Group 5: Research and Development Investment - The company's R&D investment has increased significantly, from 40.18 million yuan in 2022 to 109 million yuan in 2024, with a CAGR of 65.01% over the past three years [7]. - Youyou Green Energy aims to enhance its production capacity and market competitiveness through the establishment of a fully automated production line and further investment in emerging application areas [7].

Investment Rating - The report assigns a rating of "Neutral" based on the AHP score of 1.74, which places the company in the 23.4% percentile of the non-innovation system AHP model [7][8]. Core Insights - The company specializes in high-power, high-efficiency products and holds a significant market share in the domestic charging module sector, with a 10.58% market share in 2023 [9][10]. - The company plans to expand its production capacity for high-power charging equipment and is also entering the small DC fast charging and energy storage sectors [14][15]. - Compared to peer companies, the company has shown rapid revenue growth and maintains a higher gross margin level [22][24]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score, adjusted for liquidity premium factors, is 1.74, indicating a mid-to-lower tier position in the market [7][8]. Fundamental Highlights and Features - The company is a major supplier of direct current charging equipment components for electric vehicles, with a focus on high-power charging modules [9][10]. - It has established long-term partnerships with leading companies in the charging and battery swap sectors, both domestically and internationally [9][10]. - The company is actively developing new products, including a 40KW ultra-high-power charging module and a 30KW independent airflow charging module, which have received positive feedback from clients [14][15]. Financial Metrics Comparison with Peers - The company's revenue from 2022 to 2024 was 9.88 billion, 13.76 billion, and 14.97 billion CNY, respectively, which is below the average of comparable companies [19][20]. - The net profit attributable to the parent company for the same period was 1.96 billion, 2.68 billion, and 2.56 billion CNY, placing it in the mid-range among peers [19][20]. - The gross margin for the years 2022 to 2024 was 31.30%, 33.13%, and 31.46%, which is higher than the average of comparable companies [22][24]. Fundraising Projects and Development Vision - The company plans to raise funds for the construction of a charging module production base and a headquarters and R&D center, aiming to enhance production capacity and reduce operational costs [26][27].