科威尔：测试电源同风起，龙头何以高增长

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 40.41 CNY per share based on a 25x PE valuation for 2024 [8][29][33]. Core Insights - The company is positioned as a leader in the testing power supply sector, benefiting from the growth in downstream industries such as renewable energy, electric vehicles, and hydrogen energy [1][6]. - The management team has extensive experience in the electromechanical and power supply fields, contributing to the company's stable growth and strong performance in revenue and net profit [1][68]. - The company emphasizes research and development, maintaining a significant increase in R&D expenses and personnel, which strengthens its competitive edge in the testing industry [1][46]. Summary by Sections 1. High Growth Achievements - The company has successfully leveraged the demand for large power supply products, benefiting from the explosive growth in photovoltaic power generation and the rapid expansion of the energy storage and electric vehicle markets [6][25]. - The company has developed a range of small power products based on its existing large power supply advantages, covering various testing fields [6][63]. 2. Future Growth Maintenance - The company is advancing domestic substitution, with its small power testing power supply core indicators matching international standards, leading to increased brand recognition [2]. - The industry is driven by high demand for testing power supplies and systems, closely linked to R&D investments and capital expenditures in the renewable energy sector [2]. - The company is enhancing management efficiency by expanding production capacity and strengthening distribution channels to secure order volumes [2]. 3. Financial Data and Valuation - The company’s revenue is projected to grow from 5.29 billion CNY in 2023 to 12.32 billion CNY by 2026, with a CAGR of 32.6% [3][14]. - Net profit is expected to increase from 1.17 billion CNY in 2023 to 2.81 billion CNY by 2026, reflecting a strong growth trajectory [3][14]. - The company’s PE ratio is projected to decrease from 19.7 in 2023 to 8.2 by 2026, indicating an attractive valuation as earnings grow [3][14].