上海威迪斯 指 威迪斯电机技术（上海）有限公司，系芜湖威迈斯控股子公司 芜湖威迪斯 指 威迪斯电机技术（芜湖）有限公司，系上海威迪斯全资子公司 深圳倍特尔企业管理合伙企业（有限合伙），系公司股东、员工持股 倍特尔 指 平台 深圳特浦斯企业管理合伙企业（有限合伙），系公司股东、员工持股 特浦斯 指 平台 深圳森特尔企业管理合伙企业（有限合伙），系公司股东、员工持股 森特尔 指 平台 新余同晟创业投资合伙企业（有限合伙），曾用名：深圳市同晟金源 新余同晟 指 投资合伙企业（有限合伙），系公司股东 广州广祺 指 广州广祺辰途创业投资合伙企业（有限合伙），系公司股东 辰途华迈 指 广州辰途华迈股权投资基金合伙企业（有限合伙），系公司股东 辰途六号 指 广州辰途六号创业投资基金合伙企业（有限合伙），系公司股东 辰途十五号 指 广州辰途十五号创业投资基金合伙企业（有限合伙），系公司股东 辰途十三号 指 广州辰途十三号创业投资基金合伙企业（有限合伙），系公司股东 辰途十四号 指 广州辰途十四号创业投资基金合伙企业（有限合伙），系公司股东 深圳威迈斯新能源（集团）股份有限公司 2025 年半年度报告 谢广银 指 广州谢广银创 ...

Core Viewpoint - The company reported a revenue of 6.372 billion yuan for 2024, a year-on-year increase of 15.39%, but a net profit attributable to shareholders of 400 million yuan, a year-on-year decrease of 20.34%. For Q1 2025, revenue was 1.353 billion yuan, a year-on-year decrease of 1.02%, and net profit was 101 million yuan, a year-on-year decrease of 11.70%. The Q1 performance was below expectations due to intense market competition, but the company is expected to continue breaking through technical barriers and expanding both domestic and international markets [1]. Financial Performance - In Q4 2024, the company's gross margin and net margin decreased by 9.23 and 6.01 percentage points year-on-year, respectively. For Q1 2025, these margins decreased by 1.42 and 0.97 percentage points year-on-year. The decline in margins is primarily attributed to intensified domestic market competition [2]. - The revenue from the vehicle-mounted power supply and electric drive systems in 2024 increased by 3.53% and 418.39% year-on-year, respectively. The gross margins for these segments changed by +0.65 and -2.25 percentage points year-on-year [2]. Market Position and Trends - The trend towards integration and high voltage in the industry is evident, with the market share of multi-in-one electric drive products exceeding 25% in Q4 2024. The company’s electric drive system revenue saw a significant increase of 418.39% [3]. - The company holds a 19.00% and 29.41% market share in the Chinese passenger vehicle onboard charger and third-party supply markets, ranking second and first, respectively [3]. Domestic and International Market Strategy - The company is solidifying its domestic market presence with multiple domestic automaker partnerships, including a collaboration with SAIC Audi for its first pure electric model and project designations with Great Wall Motors [4]. - Internationally, the company has secured project designations with Renault, Aston Martin, and Ferrari, and has begun mass production deliveries to Stellantis. The construction of a production base in Thailand is underway, which will aid in global market expansion [4]. Profit Forecast and Valuation - Due to intense market competition and increased R&D investments, the company has adjusted its gross margin and operating expense assumptions. The projected net profits for 2025-2026 are 492 million yuan and 644 million yuan, representing downward adjustments of 16.49% and 15.23%, respectively. The projected net profit for 2027 is 754 million yuan, with a CAGR of 23.80% from 2025 to 2027 [5]. - The target price for the company is set at 27.15 yuan based on a PE ratio of 23.24 for 2025, down from a previous estimate of 29.66 yuan [5].

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company being analyzed [1]. Core Insights - The company achieved a market share of approximately 19% in the Chinese passenger car onboard charger market in 2024, ranking second, while holding a 29% share in the third-party supply market, maintaining the top position since 2020 [20]. - The company has established a strong presence in the overseas market, exporting to notable clients such as Stellantis, Renault, Aston Martin, and Ferrari, with export product profitability slightly higher than domestic products [20]. - The company is actively seeking new clients and expanding into new business areas, including partnerships in the flying car sector and collaborations in the yacht and motorcycle industries [21]. - The company is progressing with its Thailand production base project, expected to commence production in 2026 with a design capacity of 300,000 to 400,000 units [21]. - In 2024, the company reported total revenue of 6.38 billion yuan, a year-on-year increase of 15.51%, while net profit decreased by 19.63% due to increased R&D investments [22]. - The company has a strong competitive edge in onboard power products, with core technologies including magnetic integration control, output port circuit integration, and V2X technology [22]. Summary by Sections 1. Basic Research Information - The research was conducted on March 3, 2025, focusing on the company 威迈斯 [13]. 2. Detailed Research Institutions - Participating institutions included Guolian Fund, Tianhong Fund, Huatai Securities, and CITIC Securities among others [14][15]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [18]. 4. Main Content Information - The company disclosed its 2024 annual performance report on February 28, 2025, detailing its operational performance and strategic planning [20]. - The Q&A session revealed insights into market share, overseas clients, new customer development, production plans, R&D strategies, and share repurchase progress [20][21][22].