Enpower(300681) 开源证券·2024-12-22 09:44Investment Rating - The report initiates coverage with a "Buy" rating for the company [16][68]. Core Insights - The company is a leader in the new energy power system sector, benefiting from the growth of the electric vehicle market, with revenue increasing from 421 million yuan in 2020 to 1.963 billion yuan in 2023. The company is also actively engaging in new industries such as low-altitude economy and electric engineering machinery, aiming to create new growth curves [5][9]. - The company has a strong R&D capability and innovative "integrated chip" solutions that offer advantages in lightweight, high efficiency, and low cost. It is expected to achieve net profits of 71 million, 142 million, and 281 million yuan from 2024 to 2026, with corresponding EPS of 0.28, 0.55, and 1.10 yuan, leading to PE ratios of 89, 44, and 22 times respectively [5][9]. Summary by Sections Market Position and Growth Potential - The company has significant room for market share growth in the new energy passenger vehicle sector, with market shares of 4%, 1.5%, and 6.5% in electric control, electric drive, and OBC respectively in 2023. The company is targeting the B and C class passenger vehicle markets through strategic partnerships and high-standard production capacity [6][9]. - The penetration rates in special vehicles and engineering machinery are low, indicating substantial potential for electrification. Collaborations with major players like Hangcha Group and Bosch are expected to enhance market access and recognition among international clients [6][9]. Technological Advancements - The company is positioned to benefit from the growing demand for eVTOL systems, where the electric drive system constitutes a significant cost component, potentially contributing 145 billion yuan to the electric drive and power system market by 2030. The strategic partnership with EHang positions the company as a core Tier 1 supplier in this emerging market [17][9]. - The company has developed advanced technologies such as flat wire and oil-cooled motors, which improve efficiency and power density compared to traditional systems. The integration of silicon carbide technology is also a key trend in the industry, enhancing performance and reducing energy loss [26][30]. Financial Projections - The company is projected to achieve revenues of 2.385 billion, 2.904 billion, and 3.786 billion yuan from 2024 to 2026, with a year-on-year growth rate of 21.5%, 21.8%, and 30.4% respectively. The gross margin is expected to improve from 16.9% in 2024 to 22.8% in 2026 [12][9]. - The report highlights the company's strong financial performance, with a net profit of 82 million yuan in 2023, reflecting a year-on-year growth of 234.3% [12][9].