车载电源需求放缓信号四季度已率先显现。 （专业服务注册制的市值风云APP） 公开信息显示，该回购计划上限不超过1亿人民币，均价不超过40元/股。 | 作者 | | 观韬 | | --- | --- | --- | | 编辑 | | 小白 | 2月9日盘后，威迈斯（688612.SH）发布2025年业绩快报，预计2025年营收63.42亿，同比下滑 0.48%；归母净利润5.57亿，同比增长39.22%，扣非净利润5.21亿，同比增长46.71%。 营收同2025年基本持平，但利润增长表现亮眼，且规模已经创历史新高。 与此同时，威迈斯于2026年1月26日首次实施回购，回购金额909万，成交价介于32.38元/股至33.20 元/股之间。甚至比公司业绩快报发布后首个交易日的收盘价还要高一些。 车载电源龙头：第三方市场的领先者 威迈斯成立于2005年，早期主要从事工业及消费类电源研发。2010年前后，察觉到新能源汽车产业的 机遇后，开始进行车载电源产品的研发和技术储备，并最终完成从通用电源向汽车级电源的转型。 分具体产品看，威迈斯目前业务主要包括车载电源系统与电驱系统两大板块。其中，车载电源系统包 括车载充电机（ ...

Core Viewpoint - The article discusses the trends and developments in mobile energy storage and vehicle power systems, highlighting the importance of these technologies in various applications such as camping, off-roading, and long-distance transportation [2][5][12]. Group 1: Industry Trends - The mobile energy storage market is rapidly growing, driven by consumer demand for portable power solutions in recreational activities like camping and self-driving tours [12]. - The article categorizes energy storage into several segments, including household storage, balcony storage, and mobile storage, emphasizing their similarities in technology and structure [5][6]. - The integration of advanced technologies such as IoT and AI in energy management systems (EMS) is becoming increasingly important for optimizing energy usage in household storage [8]. Group 2: Product Innovations - The article introduces the new product, Yizu Giant G1, which features a high-strength sandwich frame structure and advanced electronic design, offering a capacity of up to 45KWh and fast charging capabilities [17][19]. - The product supports multiple charging methods, including charging stations, AC power, and solar energy, making it versatile for various applications [19]. - The design includes features to enhance durability and performance, such as a flexible energy-absorbing layer and a robust metal frame to withstand off-road conditions [25][28]. Group 3: Market Applications - Key application scenarios for mobile energy storage include outdoor activities, off-road adventures, and long-haul freight, indicating a strong demand in these sectors [12]. - The article notes that while outdoor power sources are popular, they often lack the robustness needed for off-road use, leading to safety and compatibility issues [14]. - The family storage segment is characterized by larger capacities and economic benefits, with systems designed to either save on energy costs or generate income by selling power back to the grid [10].

Group 1 - The report highlights that industries that have underperformed for three consecutive years tend to continue this trend, with defensive sectors like environmental protection, public utilities, and transportation being more prone to long-term underperformance [1][31][34] - The report identifies that leading companies in the public utility and environmental sectors have benefited from a revaluation of their dividend asset attributes in a low-interest-rate environment, which enhances their competitive advantages [1][32] - Industries currently experiencing prolonged underperformance, such as beauty care, basic chemicals, and social services, are nearing their historical maximum underperformance cycles [1][34] Group 2 - The report indicates that sectors with a high probability of outperforming in the fourth year after three years of underperformance include food and beverage, agriculture, social services, pharmaceutical biology, and electrical equipment [1][34] - The report notes that the agricultural bank has shown stable revenue growth, with a 2.0% year-on-year increase in operating income for the first three quarters of the year, particularly in its gold market performance [7] - The retail banking sector is advised to adjust its credit structure by reducing high-risk loans and focusing on more stable income-generating loans [8] Group 3 - The report discusses the performance of the orthopedic consumables sector, which has shown significant improvement in revenue and profit margins, driven by market expansion and cost control [22] - The report emphasizes the importance of overseas market expansion for companies in the orthopedic consumables sector, which is expected to become a key growth driver [22] - The report highlights that the automotive sector, particularly in vehicle-mounted power supplies, has seen substantial growth, with a 108.27% year-on-year increase in revenue for the third quarter [17]

Financial Performance - The company achieved operating revenue of 1.933 billion, a year-on-year increase of 5.38% [7] - The net profit attributable to shareholders was 94.6 million, showing a slight decline compared to the previous year [7] - The total assets and net assets attributable to shareholders experienced significant growth [7] Market Expansion - In 2024, the revenue from exported vehicle-mounted products increased to 6.8% of total revenue, indicating progress in international market development [2] - The company successfully secured projects with leading global automotive brands, contributing to future revenue growth [5] - The global sales of new energy vehicles reached 18.236 million units in 2024, a year-on-year growth of 24.4% [5] Research and Development - The R&D investment for 2024 was 200 million, accounting for 10.35% of operating revenue, with a capitalization rate of 0% [2] - The R&D team expanded to 813 members, covering various key functions to enhance innovation capabilities [7] - The company maintains a high level of R&D investment to support long-term development and ensure product performance remains industry-leading [3] Accounts Receivable - The accounts receivable and notes receivable increased by 136.22% compared to the previous year, with a 13.41 percentage point rise in their proportion of total assets [7] - The increase in accounts receivable is primarily due to high sales in the fourth quarter, with good quality of receivables from major clients [7] Strategic Outlook - The company plans to strengthen its domestic market while leveraging its brand advantages to explore international clients [2] - Future gross margin levels are expected to be influenced by customer pricing and supply chain cost reduction measures [4] - The company aims to enhance its market share in the global high-voltage power supply systems for new energy vehicles [2]