威迈斯：2024年中报点评：Q2业绩低于预期，加速海外产能布局

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance was below market expectations, with H1 revenue of 2.8 billion yuan, a year-on-year increase of 23%, and a net profit of 220 million yuan, a year-on-year increase of 2% [2] - The company is accelerating its overseas capacity layout, with plans to build a new factory in Thailand with a capacity of 300,000 units [2][3] - The company continues to enhance its product structure and has seen significant growth in its electric drive business, with H1 revenue of 280 million yuan, a year-on-year increase of 300% [2] Financial Performance Summary - Total revenue for 2022 was 3.83 billion yuan, with a projected increase to 5.52 billion yuan in 2023, and expected to reach 10.05 billion yuan by 2026 [1][9] - The net profit attributable to the parent company is projected to grow from 294.71 million yuan in 2022 to 927.07 million yuan in 2026, reflecting a compound annual growth rate of approximately 20.21% [1][9] - The company's latest diluted EPS is expected to increase from 0.70 yuan in 2022 to 2.20 yuan in 2026 [1][9] Revenue and Profitability Metrics - The gross margin for H1 2024 was 20.6%, with a net profit margin of 7.8% [2] - The company expects to maintain a net profit margin of 8-9% in 2024 due to cost reductions and improved capacity utilization [2][3] - The average selling price of the company's vehicle power supply was 2,300 yuan per unit in H1 2024, a decrease of 5% year-on-year [2] Research and Development - The company has increased its R&D investment, with H1 2024 R&D expenses amounting to 330 million yuan, a year-on-year increase of 48% [3] - The R&D expense ratio for Q2 2024 was 6.9%, reflecting a focus on innovation and product development [3] Market Position and Competitive Landscape - The company holds a market share of 32.4% in the third-party supply market for vehicle power supplies, maintaining its leading position [2] - The company is experiencing high growth from clients such as Geely, Li Auto, and Changan, despite some impact from European tariffs [2]