Shenzhen VMAX New Energy (688612) 天风证券·2025-02-16 13:56Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6]. Core Viewpoints - The company leads the market share in the onboard charger segment, with a projected shipment increase of 49.5% in 2024 [1]. - The revenue from the integrated electric drive assembly products surged by 368% in the first half of 2024, indicating strong growth in the electric drive system integration sector [2]. - The company is actively developing liquid-cooled ultra-fast charging modules, which are expected to enhance its revenue streams in the electric vehicle charging market [3]. - The company has initiated a share buyback plan, aiming to use between RMB 50 million and RMB 100 million for repurchasing shares to support employee stock ownership plans and reduce registered capital [4]. Financial Data and Valuation - The company's projected revenue for 2024 is RMB 6,718.83 million, with a growth rate of 21.66% [5]. - The net profit attributable to the parent company for 2024 is forecasted to be RMB 515.02 million, reflecting a growth rate of 2.51% [5]. - The earnings per share (EPS) for 2024 is estimated at RMB 1.22, with a price-to-earnings (P/E) ratio of 20.43 [5]. - The company’s total assets are projected to reach RMB 7,496.78 million by 2024, with a debt-to-equity ratio of 51.19% [12].