Shenzhen VMAX New Energy (688612) 浙商证券·2024-09-20 12:23Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a revenue of 2.771 billion yuan in the first half of 2024, representing a year-on-year growth of 22.93%, while the net profit attributable to shareholders was 216 million yuan, with a year-on-year increase of 1.84% [1] - The rapid development of the new energy vehicle industry has driven revenue growth, with the sales performance of vehicle power supply integrated products and electric drive multi-in-one assembly products being particularly strong [2] - The company is expanding its production capacity and maintaining its leading position in the market, with a market share of 19.4% in vehicle power supply integrated products, ranking second in the Chinese passenger car onboard charger market [3] - The company is actively pursuing an "going out" strategy, deepening cooperation with internationally renowned enterprises, and achieving steady progress in overseas market expansion [4] - The profit forecast has been lowered, but the "Accumulate" rating is maintained, with expected net profits for 2024-2026 being 546 million, 730 million, and 902 million yuan respectively [5] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 2.771 billion yuan, a 22.93% increase year-on-year, and a net profit of 216 million yuan, up 1.84% year-on-year [1] - The second quarter of 2024 saw revenue of 1.404 billion yuan, a 15.98% increase year-on-year, but a net profit decline of 17.91% to 102 million yuan [1] Market Position and Product Development - The company has successfully expanded its product offerings in line with the 800V and integrated drive control trends, achieving a market share of 19.4% in vehicle power supply integrated products [3] - The electric drive multi-in-one assembly product generated revenue of 206 million yuan in the first half of 2024, marking a significant year-on-year growth of 368.24% [2] International Expansion - The company has made strides in international markets, with overseas business revenue reaching approximately 268 million yuan, accounting for 10.26% of total revenue [4] - Collaborations with major global automotive brands such as Stellantis, Renault, Aston Martin, and Ferrari have been established [4] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted downwards, with expected net profits of 546 million, 730 million, and 902 million yuan, respectively [5] - The current stock price corresponds to a price-to-earnings ratio of 14, 11, and 9 times for the years 2024, 2025, and 2026 [5]