Enpower(300681) 群益证券·2025-03-31 06:23Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5]. Core Insights - The company has successfully obtained the OC certification for eVTOL, positioning itself as a leader in the commercialization of this technology [6]. - The partnership with EHang Intelligent is expected to open new growth opportunities, as the company is deeply involved in the eVTOL manufacturing process [6]. - The traditional business is benefiting from the growth in the new energy vehicle (NEV) market, with a significant increase in revenue driven by demand from major automotive manufacturers [6]. - The company reported a revenue of 1.607 billion RMB for the first three quarters of 2024, reflecting a year-on-year increase of 27.51% [6]. - Future profit expectations are optimistic, with projected net profits of 0.81 billion, 1.21 billion, and 2.21 billion RMB for 2024, 2025, and 2026 respectively [6][8]. Company Overview - The company operates in the automotive industry, with a focus on new energy vehicles, accounting for 86.54% of its product mix [3]. - As of March 28, 2025, the company's A-share price was 34.79 RMB, with a market capitalization of 6.136 billion RMB [2]. - The company has a total of 255.83 million shares issued, with major shareholder Jiang Guibin holding 28.69% [2]. Financial Performance - The company achieved a compound annual growth rate (CAGR) of 67% in revenue from 2020 to 2023, driven by the increasing demand for new energy vehicles [6]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.32 RMB, 0.47 RMB, and 0.87 RMB respectively, with corresponding price-to-earnings (P/E) ratios of 115, 74, and 42 [8]. - The net profit for 2023 is projected at 82.36 million RMB, a significant increase from the previous year [8].