威迈斯：高研发投入助力技术领先，持续获得海内外客户定点

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [9]. Core Insights - The company achieved a revenue of 2.771 billion yuan in the first half of 2024, representing a year-on-year increase of 22.93%. The net profit attributable to shareholders was 216 million yuan, up 1.84% year-on-year, while the non-recurring net profit was 197 million yuan, an increase of 2.83% year-on-year [2][3]. - The company has maintained its leading position in the vehicle power supply market, with a market share of 19.4% domestically and 32.4% among third-party suppliers, marking its fourth consecutive year at the top [3]. - High R&D investment has been a key driver for the company's technological leadership, with R&D expenses reaching 179 million yuan in the first half of 2024, a 62.43% increase year-on-year, and an R&D expense ratio of 6.45% [3]. - The company is expanding its production capacity with a new factory planned in Thailand, aiming for an annual capacity of 300,000 units [3]. - The company has secured ongoing contracts with both domestic and international clients, with significant growth in its fourth-generation products [3]. Financial Summary - The company forecasts net profits of 640 million yuan, 810 million yuan, and 1.02 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.52 yuan, 1.93 yuan, and 2.42 yuan [3][4]. - Revenue is projected to grow from 5.523 billion yuan in 2023 to 11.436 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 25.46% [4]. - The net profit growth rate is expected to be 27.77% in 2024, 26.63% in 2025, and 25.07% in 2026 [4].