Dongguan Aohai Technology (002993) 中泰证券·2025-04-23 12:37Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [11] Core Insights - The company is a global leader in mobile chargers, with a market share of approximately 18% in a market valued at 30 billion yuan. The revenue from high-power chargers (60W and above) reached 500.8 million units, showing a year-on-year growth of 10.4% [8] - The company has introduced several high-power products, including a 65W AI charger and a 3200W server power supply, which are expected to drive incremental business growth [8] - The revenue forecast for 2024 is 6.42 billion yuan, representing a year-on-year growth of 24.1%, while the net profit is projected to be 460 million yuan, up 5.4% year-on-year [3][4] Financial Performance Summary - For 2024, the company anticipates total revenue of 6.42 billion yuan, with a net profit of 460 million yuan and a gross margin of 19.8% [3] - The projected revenue for 2025 is 8.05 billion yuan, with a net profit of 605 million yuan, reflecting a growth rate of 30.2% year-on-year [9] - The earnings per share (EPS) is expected to increase from 1.68 yuan in 2025 to 3.02 yuan by 2027 [9] Market Position and Product Development - The company’s revenue composition in 2024 includes 72% from smart IoT device power supplies, 9% from new energy vehicle-related products, and 12% from server power supplies [8] - The company plans to invest 3.5 billion yuan in R&D, accounting for 5.5% of total revenue, to support the development of new products [8] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 20.7 in 2024 to 11.0 by 2027, indicating an attractive valuation as earnings grow [9] - The price-to-book (P/B) ratio is expected to decline from 1.9 in 2024 to 1.4 in 2027, further supporting the investment case [9]