威迈斯深度报告：车载电源领风骚，800V+出海开新潮

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near future [55]. Core Insights - The company is a leading player in the electric power electronics sector for new energy vehicles, with a strong market position and continuous revenue growth. It has maintained a market share of 33% in the onboard power supply sector for 2022 and 2023 [2][9]. - The company has a diverse customer base, including major automotive manufacturers such as Xpeng, Li Auto, and Stellantis, which opens up new growth opportunities, particularly with its 800V integrated power products [2][93]. - The company has demonstrated strong financial performance, with revenue increasing from 0.73 billion to 5.52 billion from 2019 to 2023, reflecting a compound annual growth rate (CAGR) of 65.91% [77]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of electric power electronics products for new energy vehicles, including onboard chargers, DC/DC converters, and electric drive systems [2][9]. - It has consistently ranked first in market share among third-party suppliers of onboard power supplies, with a market share of 28% in 2021, 33% in 2022, and 33% in 2023 [2][9]. Customer Base and Market Expansion - The company has established partnerships with a wide range of clients, including both domestic and international automotive manufacturers, enhancing its market reach [2][93]. - The introduction of 800V integrated power products has positioned the company to capitalize on the growing demand for high-voltage systems in electric vehicles [2][100]. Financial Performance - The company reported a revenue of 5.52 billion in 2023, a year-on-year increase of 44.09%, and a net profit of 0.50 billion, up 70.47% from the previous year [77]. - The gross margin for onboard power supply integrated products has remained stable around 20%, with a net profit margin of 9.1% in 2023 [79][75]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 7.4 billion, 9.3 billion, and 11.4 billion for 2024, 2025, and 2026 respectively, alongside net profits of 0.64 billion, 0.81 billion, and 1.02 billion [55][107]. - The increasing penetration of 800V systems is anticipated to significantly enhance the company's market position and profitability in the coming years [100].