西典新能：公司动态研究报告：深耕电连接领域，核心大客户驱动成长

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company focuses on the electric connection field, primarily producing battery connection systems and composite busbars, serving various sectors including new energy vehicles and energy storage [1]. - The battery connection system is crucial for the company's revenue, with significant sales to major clients like CATL and Tesla, contributing to 74.65% of total revenue in 2023 [1]. - The company is expanding its production capacity with a total fundraising of 870 million yuan, aimed at enhancing competitiveness and market share [1]. - Revenue forecasts for 2024-2026 are projected at 21.86 billion, 29.93 billion, and 39.30 billion yuan respectively, with corresponding EPS of 1.37, 1.87, and 2.45 yuan [1][4]. Summary by Sections Company Overview - The company specializes in electric connection products, including battery connection systems and composite busbars, with a diverse client base [1]. Financial Performance - The company reported a revenue of 1.835 billion yuan in 2023, with a growth rate of 15.2% [4]. - Forecasted revenue growth rates for the next three years are 19.1%, 36.9%, and 31.3% [4]. Profitability Metrics - The net profit for 2023 was 198 million yuan, with a growth rate of 28.2% [4]. - The projected net profit for 2024-2026 is 221 million, 301 million, and 395 million yuan, with growth rates of 11.5%, 36.5%, and 31.1% respectively [4]. Market Position - The company has established itself as a key supplier for major clients in the electric vehicle and energy storage sectors, enhancing its market position [1].