Core Viewpoint - Shenzhen VMAX New Energy (Group) Co., Ltd. reported a revenue increase of 6.82% year-on-year for the first half of 2025, driven by the growth in the electric vehicle market and the optimization of product structure [3][20]. Company Overview and Financial Indicators - The company achieved an operating income of CNY 2,959,987,110.50, compared to CNY 2,771,059,972.57 in the same period last year [3]. - The total profit for the period was CNY 313,301,843.79, reflecting a 22.38% increase from CNY 256,005,472.96 [3]. - The net profit attributable to shareholders was CNY 272,171,038.88, up 26.18% from CNY 215,706,270.77 [3]. - The net cash flow from operating activities reached CNY 483,335,396.02, a significant increase of 3,369.18% compared to CNY 13,932,271.29 [3]. - The company's net assets at the end of the reporting period were CNY 3,352,188,497.91, a 2.52% increase from CNY 3,269,865,648.86 [3]. Industry and Business Situation - The company operates in the automotive manufacturing sector, specifically in the production of electric vehicle components, including onboard power supplies and electric drive systems [5][6]. - The domestic electric vehicle market saw a production and sales increase of 12.5% and 11.4% respectively in the first half of 2025, with electric vehicle sales reaching 696.8 million units, a growth of 41.4% [6]. - The company specializes in the research, production, and sales of electric vehicle power domain products, including onboard chargers and DC/DC converters [7][20]. - The company holds a 17.2% market share in the onboard charger market for passenger vehicles in China, ranking second [8]. Main Business Performance - The main business revenue for onboard power supplies was CNY 258,145.87 million, accounting for 88.95% of total revenue, while the electric drive system revenue was CNY 32,076.50 million, making up 11.05% [20]. - Domestic sales contributed CNY 275,936.07 million, a 17.88% increase, while overseas sales dropped by 46.60% to CNY 14,286.31 million [20]. Research and Development - The company invested in R&D focusing on product integration, high voltage, multifunctionality, and new material applications, with a significant emphasis on updating mainstream products like 6.6kW and 11kW [20]. - The company has accumulated 16 core technologies with independent intellectual property rights, supporting rapid development and production of diverse customer needs [19].

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].