Tonhe TECH.(300491) 华鑫证券·2025-02-23 07:37Investment Rating - The report assigns an "Accumulate" investment rating for the company [10] Core Insights - The company has experienced continuous revenue growth, but intensified competition has temporarily pressured profitability [6] - The company is focused on the power electronics industry, with significant contributions from the electric vehicle and smart grid sectors [7] - Despite a projected decline in net profit for 2024, the company anticipates gradual improvement in performance as market conditions stabilize [8] Summary by Sections Financial Performance - The company expects to achieve a net profit of between 18 million and 27 million yuan for 2024, representing a year-on-year decline of 73.68% to 82.45% [5] - The fourth quarter is projected to yield a net profit of 1.602 million yuan, down 96% year-on-year but up 127% quarter-on-quarter [6] Business Segments - The company operates in three main sectors: electric vehicles, smart grids, and aerospace, with a strong market position in each [7] - In the first half of 2024, the charging power system generated 294 million yuan, accounting for 64% of total revenue, reflecting a 55% year-on-year increase [7] Revenue and Profit Forecast - Revenue forecasts for 2024 to 2026 are 1.151 billion, 1.495 billion, and 1.977 billion yuan, respectively, with corresponding EPS of 0.13, 0.38, and 0.69 yuan [8] - The company’s PE ratios for the same period are projected at 198, 65.5, and 36.2 times [8]