威迈斯：2024半年报点评：收入稳健增长，研发费用导致净利率下降

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.60 CNY over the next six months [1][6]. Core Insights - The company reported a robust revenue growth of 22.93% year-on-year for H1 2024, achieving a total revenue of 2.771 billion CNY. However, net profit increased only by 1.84% to 216 million CNY, primarily due to increased R&D expenses [1]. - The company's vehicle power supply products generated 2.324 billion CNY in revenue, representing a 15.20% year-on-year growth, accounting for 83.86% of total revenue. The overall gross margin for these products stood at 20.63% [1]. - The electric drive system products saw a significant revenue increase of 299.99% year-on-year, reaching 285 million CNY, with the integrated electric drive products growing by 368.24% to 206 million CNY [1]. - The company is actively expanding its overseas customer base, with export revenue of 268 million CNY in H1 2024, although this represents a decline of 16.49% year-on-year [1]. - Increased R&D investment reached 179 million CNY, a 62.43% increase year-on-year, which contributed to a higher expense ratio [1]. - The company forecasts a compound annual growth rate (CAGR) of 18.3% for net profit from 2024 to 2026, with expected net profits of 550 million CNY, 710 million CNY, and 830 million CNY for those years respectively [1][5]. Summary by Sections Financial Performance - H1 2024 revenue: 2.771 billion CNY, up 22.93% YoY - H1 2024 net profit: 216 million CNY, up 1.84% YoY - Q2 2024 revenue: 1.404 billion CNY, up 15.98% QoQ - Q2 2024 net profit: 102 million CNY, down 17.91% QoQ [1]. Business Segments - Vehicle power supply revenue: 2.324 billion CNY, up 15.20% YoY, with a gross margin of 20.63% - Electric drive system revenue: 285 million CNY, up 299.99% YoY, with integrated products at 206 million CNY, up 368.24% YoY [1]. - Export revenue: 268 million CNY, down 16.49% YoY, accounting for 9.66% of total revenue [1]. R&D and Future Outlook - R&D expenses: 179 million CNY, up 62.43% YoY, representing 6.45% of total revenue - Expected net profits for 2024-2026: 550 million CNY, 710 million CNY, 830 million CNY, with a CAGR of 18.3% [1][5].