SUNWODA(300207) 华创证券·2024-06-12 13:31Investment Rating - Strong Buy (Maintained) [1] Core Views - HEV power battery production milestone: The 1 millionth set of HEV power batteries was successfully rolled off the production line, indicating strong market potential both domestically and internationally [2] - HEV market growth: In 2023, China's HEV vehicle sales reached 861,000 units, with expectations of continued growth in 2024 [2] - HEV battery advantages: HEV batteries require less capacity and energy density but demand higher shallow charge-discharge cycles and discharge rates, areas where the company excels [2] - BEV supercharging development: The company is leveraging its HEV battery technology to advance in the BEV supercharging sector, with the release of Flash Charge Battery 3.0 in April 2024 [2] - Market leadership: The company is the largest supplier of HEV power batteries in China, with a strong position in the supercharging battery market [2] Financial Projections - Revenue growth: Expected revenue growth rates for 2024-2026 are 18%, 14.5%, and 13.6% respectively [3] - Net profit: Projected net profits for 2024-2026 are 1.427 billion, 2.012 billion, and 2.406 billion yuan respectively [3] - EPS: Expected EPS for 2024-2026 are 0.77, 1.08, and 1.29 yuan respectively [3] - PE ratios: Current PE ratios for 2024-2026 are 19x, 14x, and 11x respectively [3] Market Performance - Stock price range: The stock price ranged between 17.51 yuan and 11.42 yuan over the past 12 months [5] - Market performance: The stock underperformed the CSI 300 index by 28% over the past 12 months [6] Industry and Company Data - HEV market share: HEV vehicles accounted for 31.6% of China's total vehicle sales in 2023 [2] - Supercharging market: The market share of supercharging vehicles in China is expected to increase from 3% in 2023 to 52.5% by 2030 [2] - Company valuation: The target price is set at 17.0 yuan, with a current price of 14.77 yuan [2]