投资要点
　　Q3收入环比回升、业绩符合市场预期。公司26Q1-3营收44.8亿元，同比-2.6%，归母净利润4.41亿元，同比+3.7%，扣非归母净利润3.99亿元，同比+0.4%，毛利率23.9%，同比+2.4pct；其中26Q3营收16.1亿元，同环比-1.6%/+7.2%，归母净利润1.54亿元，同环比+0.6%/-1.0%，扣非归母净利润1.43亿元，同比-0.2%，毛利率23.7%，同环比+0.7/-0.4pct。公司收入逐季回升，高功率、高电压产品占比提升，盈利水平保持稳健。
　　车载电源出货企稳、高压化及集成化持续升级。26Q1-3车载电源收入占主营收入超90%，销量同比+3%，其中Q3销量约65万台，9月销量环比提升、创季度单月高点；前三季度第三方供货市场份额约12%-13%。高电压平台及11kW高功率产品发货占比持续提升，第五代车载电源集成产品于Q3逐步进入量产交付阶段，覆盖长安、吉利、广汽等客户，功率密度较第四代提升11%，当前占比仍低，后续有望随客户项目推进逐步放量。电驱系统向四合一集成电控及多合一总成升级，进一步提升产品集成度及单件价值量。
　　海外客户加速放量、出口配套优势延续。26Q3海外客户车载电源销量及收入同比均增长100%以上，海外业务保持高增。公司持续向Stellantis、雷诺等客户供货，并积极拓展更多境外整车厂。26年1-8月公司在中国新能源出口乘用车车载充电机市场份额约16.5%，第三方供货市场出口份额约30%，位居行业前列；8月设立美国子公司，进一步完善本地化销售及服务布局，海外客户放量与自主品牌出口有望共同贡献增量。
　　携手TI拓展AIDC电源、培育新增长点。公司9月与德州仪器（TI）签署谅解备忘录，拟在新能源汽车及AI基础设施供电领域开展合作。公司依托车载电源在功率密度、转换效率及可靠性方面的技术积累，积极探索AI数据中心服务器电源业务，后续有望拓展新的下游应用领域。
　　Q3费用率环比下降、研发投入持续增加。26Q1-3期间费用率12.7%，同比+1.9pct，其中销售/管理/研发费用分别0.68/1.51/3.56亿元，同比+28%/+12%/+15%；Q3期间费用率12.3%，环比-0.5pct，研发费用1.26亿元，同比+18%。26Q1-3经营性现金流净额4.65亿元，同比-24%，其中Q3单季经营性现金流净额1.53亿元；期末存货11.48亿元，较年初+6%，主要系公司应对原材料价格波动适度提前备货。
　　盈利预测与投资评级：考虑到国内车载电源业务竞争加剧，海外客户及高压平台新产品放量仍需时间，我们下调26-28年归母净利润预期至6.4/7.7/9.3亿元（原预期6.5/7.8/9.3亿元），同比+15%/+20%/+20%，对应PE为17x/14x/12x。考虑公司高压化、集成化产品竞争优势突出，海外客户持续放量，维持“买入”评级。
　　风险提示：下游需求不及预期、新产品及海外客户拓展不及预期。

　　公司二季度利润环比快速增长，毛利率同比提升
　　公司发布2026年半年报，2026年上半年营收28.7亿元，同比下降3.1%，26年上半年归母净利润2.9亿元，同比增长5.4%。
　　26年第二季度营收15亿元，同比下降6.4%，环比增长10.3%，26年第二季度归母净利润1.6亿元，同比下降9.1%，环比增长18.8%。
　　公司26年上半年车载电源产品营收23.2亿元，同比下降10.1%，公司26年上半年电驱系统营收3.0亿元，同比下降7.8%。
　　公司26年第二季度毛利率24.1%，同比提升1.1pct，环比提升0.1pct。
　　行业受益于欧洲新能源乘用车销量高速增长
　　根据中国汽车工业协会数据，2026年1-6月，我国汽车产销分别完成1,499.3万辆和1,501.7万辆；其中新能源汽车产销分别完成743.8万辆和744.6万辆，同比分别增长6.7%和7.3%，新能源汽车新车销量达到汽车新车总销量的49.6%。在海外重点市场方面，根据欧洲汽车制造商协会数据，2026年1-6月欧洲新能源乘用车销量为235.1万辆，同比增长31.7%，渗透率提升至32.5%，海外新能源汽车市场需求持续扩张。
　　800V产品获得多家头部车企定点
　　基于技术优势的加持，公司800V车载电源集成产品已获得长安汽车、理想汽车、岚图汽车、吉利汽车等客户的定点，其中岚图梦想家、小鹏P7+、小鹏G9车型，以及智己LS6、智己LS8、智己LS9车型等均已实现量产发货，并新增获得了长安汽车、吉利汽车、小鹏汽车等重要客户的800V新项目定点。在新能源汽车车载电源、电驱系统集成化趋势下，公司也同步向电驱系统领域拓展。根据NETimes数据，2026年上半年公司在中国乘用车车载充电机市场的市场份额为9.9%，排名第四；在第三方供货市场，2026年上半年公司出货量占市场份额约为13.5%。
　　盈利预测：车载电源龙头，盈利韧性凸显。我们预测2026-2028年的营业收入分别为67/71/76亿元。归母净利润则分别为6.2/7.8/9.1亿元，对应22.5/17.9/15.4倍PE。维持“买入”评级。
　　风险提示：新能源汽车销量增速放缓、市场竞争加剧、客户拓展不及预期。

　　投资要点
　　26Q2盈利能力维持高位、业绩符合我们预期。公司26H1营收28.7亿元，同比-3%，归母净利润2.87亿元，同比+5%，扣非归母净利润2.55亿元，同比+1%，毛利率24.1%，同比+3.4pct，归母净利率10.0%，同比+0.8pct；其中26Q2营收15.1亿元，同环比-6%/+11%，归母净利润1.56亿元，同环比-9%/+19%，毛利率24.1%，同环比+1.1/+0.1pct，归母净利率10.4%，同环比-0.3/+0.8pct。26H1受下游需求结构调整影响收入小幅承压，同时原材料价格上涨带来一定成本压力，公司持续推进产品结构优化升级，高附加值产品出货占比提升，支撑盈利水平同比提升。
　　车载电源收入短期承压、高压化+集成化持续升级。26H1公司车载电源收入23.2亿元，同比-10%，占主营收入89%，其中车载电源集成产品收入22.8亿元，同比-10%；电驱系统收入3.0亿元，同比-8%。公司11kW及以上高功率产品销量同比增长超50%、占车载电源集成产品收入约40%；第五代产品于26Q2量产发货，功率密度提升11%。800V产品已配套岚图梦想家、小鹏P7+/G9、智己LS6/LS8/LS9等车型量产，并新增长安、吉利、小鹏等项目定点。26H1公司国内乘用车车载充电机市占率9.9%、排名第四，第三方供货市占率13.5%，部分二级供应产品未纳入统计。
　　国内新项目持续突破、海外客户逐步放量。26H1公司与小鹏达成下一代平台合作，与长安实现主力功率平台项目开发，并获东风多平台电驱及电控项目定点。海外方面，公司已向Stellantis、雷诺、阿斯顿马丁、法拉利等客户量产供货，26H1海外相关收入同比增长超50%，并在法国搭建运营中心。26H1报表境外收入0.35亿元，同比-76%，主要系海外客户境内结算及自主品牌出口车型配套收入均计入境内收入。
　　费用率有所提升、研发及资本开支持续增加。26H1销售/管理/研发费用分别0.44/0.99/2.31亿元，同比+30%/+14%/+14%，期间费用率13.0%，同比+2.1pct，其中研发费用率8.0%，同比+1.2pct；经营性现金流3.11亿元，同比-36%，资本开支4.37亿元，同比+105%；期末存货8.83亿元，较年初下降19%。公司持续加大研发投入，研发人员增至765人，并推进新能源汽车动力域研发基地建设。
　　盈利预测与投资评级：考虑国内新能源汽车需求承压，我们适当下修公司收入及盈利预测，预计公司2026-2028年归母净利润6.5/7.8/9.3亿元（原预测为6.7/8.1/9.7亿元），同比+16%/+21%/+20%，对应PE为22x/18x/15x，维持“买入”评级。
　　风险提示：下游需求不及预期，行业竞争加剧。

　　2026H1实现归母净利润2.9亿元，同比+5.8%
　　公司发布2026年中报。2026H1公司实现营业收入28.7亿元，同比-3.1%；实现归母净利润2.9亿元，同比+5.4%。其中，单Q2营业收入15.0亿元，同比-6.4%；单Q2归母净利润1.6亿元，同比-9.1%。单Q2综合毛利率24.1%，同环比继续提升；单Q2归母净利率10.4%，接近历史峰值。我们预计公司海外新能源汽车客户贡献较好增长。但考虑到国内及成本端仍有一定压力，我们下调原有盈利预测，预计公司2026-2028年归母净利润分别为6.05、7.56、9.15亿元（原为6.90、8.50、10.11亿元），当前股价对应PE分别为22.5、18.0、14.9倍，公司显著受益于欧洲新能源车市场放量，维持“买入”评级。
　　海外客户出货持续高增，有效对冲国内及成本端压力
　　公司已连续多年向Stellantis集团量产发货，并取得雷诺、阿斯顿马丁、法拉利等境外车企的定点并量产发货。海外客户出货持续高增。公司也向海外客户提供高毛利的定制化样机、开发验证配套产品，2026H1报表端境外业务毛利率高达81.9%（Stellantis在境内交付，体现为境内收入）。随国内整车厂境外布局的加快，公司全球化布局也在提速。同时，原材料价格上涨给公司带来阶段性成本压力，但公司海外出货占比提升，盈利能力持续改善。此外，公司持续对新产品、新技术进行研发投入，2026H1研发投入2.3亿元，同比+14%。公司第五代产品已开始在客户端验证，新一代产品迭代后国内份额有望见底回升。
　　公司上调回购金额，注重股东回报
　　公司于2026年1月再次实施股份回购计划，原计划回购金额为0.5-1亿元，用于注销及激励。截至7月底累计已回购约5500万元。公司拟上调回购金额至1-2亿元，其中用于激励的回购金额，由0.1-0.2亿元，上调至0.6-1.2亿元。此外，公司持续分红，2025年股利支付率49.41%。兼具成长与价值属性。
　　风险提示：新能源汽车销量增速放缓、市场竞争加剧、客户拓展不及预期。

Shenzhen VMAX New Energy(VMAX)reported 3Q26 revenue of RMB1,612mn(-1.58%YoY/+7.17%QoQ),and attributable net profit(NP)of RMB154mn(+0.64%YoY/-0.96%QoQ).For 9M26,revenue was RMB4,479mn(-2.58%YoY)and attributable NP was RMB441mn(+3.67%YoY).Despite pressure on domestic NEV sales in 3Q26,the company delivered robust results,supported by its market-leading overseas expansion.We are positive on the company's auto business,which benefits from product iteration,multi-in-one integration upgrades,and expansion into overseas customers and commercial vehicle scenarios,providing ample growth momentum.Its partnership with TI(Texas Instruments)to enter the AIDC power market opens asecond growth curve,in our view.Maintain OVERWEIGHT.
3Q26 profit YoY rose steadily
For 3Q26,gross margin was 23.67%(+0.66pp YoY/-0.42pp QoQ),with the slight QoQ decline due to changes to the shipment mix;net margin was 9.57%(+0.20ppYoY/-0.79pp QoQ).For 3Q26,the expense ratio was 12.29%(+1.43ppYoY/-0.47pp QoQ),with the R&D expense ratio at 7.80%(+1.27ppYoY/-0.23pp QoQ).The company continued to advance product R&D.In on-board power,VMAX’s fifth-gen products leverage high-frequency design and proprietary patented control technology to simultaneously reduce size,weight,and cost.In e-drive systems,the company is moving from mechanical-level integration toward ahighly electrical multi-in-one architecture.It has also initiated R&D planning for asuper-integrated powertrain domain system.
Auto products/clients/scenarios expanding across dimensions
In the core auto business,VMAX continues to sharpen its competitive edge through product iteration and upgrades,multi-in-one integration,and expansion into new customers and scenarios,injecting momentum into scale growth.Specifically:1)Product iteration:fifth-generation on-board power products have entered mass production and shipments.Thanks to improved manufacturing efficiency and an optimized cost structure,we expect volume to ramp-up.2)Multi-in-one:VMAX is boosting investment in multi-in-one products,aligning with customers'integration trend,which helps lift per-vehicle value.3)Customer expansion:building on existing customers such as Stellantis,Renault,Aston Martin,and Ferrari,the company continues to develop new global customers,steadily advancing its global footprint.4)Scenario extension:the company is expanding into commercial vehicle scenarios,broadening the application boundaries of its products.
AIDC:Partnering with TI to develop AI power
In September,VMAX announced the signing of an MOU with TI,expanding their collaboration from project-level cooperation in NEVs to AI infrastructure.In the AIDC space,TI is to provide full-lifecycle support from market development,chip selection,and solution customization to production ramp-up,while VMAX is to deliver efficient and reliable turnkey solutions tailored to different application scenarios and product requirements.On-board power and data center power share common technology roots in high power density and high reliability.We are positive on the company leveraging its technology and large-scale manufacturing capabilities accumulated in on-board power,along with TI's chip and customer ecosystem,to accelerate its entry into the AIDC power market.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable NP forecasts at RMB606/855/1,074mn(24%CAGR over 2026-2028),implying EPS of RMB1.45/2.04/2.56.The average 2027E PE of comparable companies is 12.8x on Wind consensus.We assign the company a12.8x 2027E PE,yielding atarget price of RMB26.11(previous:RMB44.84,on 31x 2026E PE).
Risks:intensifying competition slower market expansion than we expect,and technology upgrade and R&D failure risks.

　　公司公布三季度业绩：收入16.12亿元，同比/环比-1.58%/+7.17%；归母净利润1.54亿元，同比/环比+0.64%/-0.96%。前三季度公司实现收入44.79亿元，同比-2.58%；归母净利润4.41亿元，同比+3.67%。Q3在国内新能源汽车销售承压的背景下，公司凭借领先的出海布局，实现稳健的业绩表现。我们看好公司汽车主业受益于产品迭代、多合一升级、海外客户与商用场景拓展，增长动能充足；同时携手TI切入AIDC电源市场，打开第二成长曲线。维持“增持”评级。
　　Q3盈利同比稳升，环比受出货结构变化影响
　　26Q3公司毛利率为23.67%，同/环比+0.66/-0.42pct，环比小幅下滑主要是因为出货结构变化；净利率为9.57%，同/环比+0.20/-0.79pct。期间费用方面，26Q3公司期间费用率为12.29%，同/环比+1.43/-0.47pct，其中研发费用率为7.80%，同/环比+1.27/-0.23pct。公司持续推进产品研发，在车载电源方面，第五代产品依托高频化设计与自研专利控制技术，实现尺寸、重量与成本的同步下探；在电驱系统方面，由机械级集成迈向高度电气级的多合一架构，超集成动力域系统的研发规划已启动。
　　汽车主业：产品、客户、场景多维拓展
　　在汽车主业方面，公司通过产品迭代升级、多合一集成、拓展新客户与新场景，持续巩固竞争优势，为规模增长注入动能。其中，1）产品迭代：车载电源第五代产品已量产发货，随着制造效率的提升及成本结构的优化，后续放量预期良好。2）多合一：加码多合一产品，顺应客户集成化趋势，有助于提升单车价值量。3）客户拓展：在Stellantis集团、雷诺、阿斯顿马丁、法拉利等客户基础上，不断开拓全球新客户，全球化布局稳步推进。4）场景延伸：发力商用车场景，拓宽产品的应用边界。
　　AIDC：携手TI共拓AI电源，技术同源开启新增长空间
　　公司9月宣布与德州仪器签署谅解备忘录，双方合作由新能源汽车领域的项目协同，进一步拓展AI基础设施。在AIDC领域，TI将提供从市场开拓、芯片选型、方案定制到量产爬坡的全生命周期支持，公司将针对不同应用场景与产品需求，为客户提供高效可靠的整体解决方案。车载电源与数据中心电源在高功率密度、高可靠性等方面技术同源，我们看好公司依托车载电源领域积累的技术与规模化制造能力，借助TI的芯片及客户生态加速切入AIDC电源市场。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润为6.06/8.55/10.74亿元（26-28年CAGR为24%），对应EPS为1.45/2.04/2.56元。参考可比公司27年Wind一致预期PE12.8倍，给予公司27年12.8倍PE估值，对应目标价为26.11元（前值44.84元，对应26年31倍PE）。
　　风险提示：行业竞争恶化；市场开拓不及预期；技术升级和研发失败风险。

On 14 September 2026,per VMAX's official WeChat account,VMAX and Texas Instruments(TI)recently signed amemorandum of understanding(MOU)in Shenzhen,expanding their collaboration from NEV power electronics to cover both NEVs and AI infrastructure.We see this as VMAX leveraging TI's components and ecosystem to replicate its on-board power technology in AI power.Chinese AI power suppliers are still gaining share overseas,and deep ties with aleading analog vendor are key to unlocking that market.We like VMAX's dual-engine setup across NEV and AIDC.Maintain OVERWEIGHT.
AI:Partnering with TI to build AIDC power
TI is aglobal leader in analog chips and embedded processing,with exposure to industrial,automotive,and data center end markets.The two companies'relationship began with supply chain trust in automotive,and this upgrade deepens their co-development ties in AI power.In their AIDC power collaboration,TI is to contribute its MCU and analog strengths,especially GaN devices,providing full-lifecycle support from market development,chip selection,and solution customization to production ramp-up.VMAX's high-frequency,high-efficiency topologies,magnetic integration,and thermal design capabilities accumulated in on-board power share the same technical roots as server power.Together with TI,VMAX is to deliver AIDC power solutions with higher efficiency and smaller size,targeting upgrades in AI infrastructure power architecture.
Auto power:Multiple initiatives to cut costs and expand volume
Supported by asolid domestic market and accelerating overseas deliveries,the company delivered steady profit growth in 1H26 despite pressure on the domestic auto market.Looking ahead:1)we expect the rollout of fifth-generation products to further reduce costs and sustain profitability;2)anchored to OEM customers'core need for integrated cost reduction,the company is expanding its portfolio of integrated e-drive assemblies,which we expect to lift blended ASP per vehicle;3)it is entering the commercial vehicle market to tap incremental demand;and 4)we see it is well positioned to benefit from new overseas customers and accelerating overseas expansion by domestic automakers.We expect the auto power business to see faster volume ramp-up in 2027.
Equity incentives signal confidence in growth
On 7September,the company announced adraft restricted stock incentive plan to grant 2,316,800 shares in one tranche,representing 0.55%of total share capital.The grant price of RMB19.45 per share is roughly a50%discount to the 7September close of RMB38.60,a meaningful incentive.The plan covers 86 employees,mainly senior management and key technical and business personnel.The assessment period runs from 2026 to 2028,with 2025 as the base year.Revenue growth targets are 5%/10%/20%(implying RMB6.66/6.98/7.61bn),and attributable net profit growth targets are 20%/38%/52%(implying RMB670/770/850mn).Meeting either target unlocks the awards.We do not deem the revenue targets demanding,considering the plan is mainly to align key technical staff and senior executives with shareholder interests.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable net profit forecasts at RMB606/855/1,074mn(24%CAGR over 2026-2028),implying EPS of RMB1.45/2.04/2.56.Peer valuations on Wind consensus stand at 20.76x 2026E PE.Given VMAX's first-mover advantage in AIDC power vs its domestic peers through its partnership with aleading global player,we assign a31x 2026E PE,yielding atarget price of RMB44.84(previous:RMB39.05,on 27x 2026E PE).
Risks:intensifying competition slower market expansion than we expect,and technology upgrade and R&D failure risks.

　　9月14日，据公司官方微信公众号，威迈斯与德州仪器（TI）近日在深圳签署谅解备忘录（MOU），双方合作由此前新能源汽车领域的协同，拓展为覆盖新能源汽车、AI基础设施的多赛道合作。我们认为，此次合作的意义在于公司借助TI的器件与生态资源，把车载电源的技术底座横向复制到AI电源赛道。国产AI电源厂商当前在海外市场处于份额爬坡阶段，与头部模拟原厂的深度绑定正是打开市场的关键抓手，我们看好公司未来“车载+AIDC双轮驱动”。维持“增持”评级。
　　AI侧：携手TI发力AIDC电源，打开第二成长曲线
　　TI是全球模拟芯片与嵌入式处理领域的龙头，下游覆盖工业、汽车、数据中心等；双方合作始于汽车领域供应链互信，此次升级将加强在AI电源方向共同开发的深度绑定关系。在双方的AIDC电源合作中，TI将发挥其MCU与模拟器件（特别是GaN器件）优势，为公司提供从市场开拓、芯片选型、方案定制到量产爬坡的全生命周期支持。而公司在车载电源上积累的高频高效率拓扑、磁集成与热设计能力与服务器电源同源，将与TI共同交付更高效率、更小体积的AIDC电源解决方案，指向AI基础设施供电架构升级。
　　车载侧：降本拓量多措并举，27年有望加速放量
　　依托于国内市场的巩固以及海外市场的加速交付，26H1公司利润在国内车市承压背景下实现稳健增长。展望后续，1）第五代产品的推进有望助力公司进一步降本、维持稳健的盈利能力；2）锚定下游整车客户集成化降本的核心诉求，纵深拓展多合一电驱动总成产品矩阵，单车ASP中枢有望显著上移；3）拓展商用车领域，开辟增量市场；4）受益于海外客户开拓和国内车企客户出海加速。我们预计公司车载电源主业有望在27年加速放量。
　　股权激励彰显发展信心
　　9月7日，公司公告限制性股票激励计划草案，拟一次性授予231.68万股，占总股本0.55%；授予价19.45元/股，较9月7日收盘价38.60元约打五折，力度可观。激励对象86人，以高级管理人员、技术骨干、业务骨干等为主。考核期为26-28年，以2025年为基数，收入增速目标5%/10%/20%（对应66.6/69.8/76.1亿）、归母净利增速目标20%/38%/52%（对应6.7/7.7/8.5亿），满足其一即可解锁，我们认为其中收入目标完成难度不大，主要系重要技术骨干和高管跟公司利益绑定。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润为6.06/8.55/10.74亿元（26-28年CAGR为24%），对应EPS为1.45/2.04/2.56元。可比公司26年Wind一致预期PE20.76倍，考虑到公司携手海外头部企业加码AIDC电源、具备先发优势，给予公司26年31倍PE估值，对应目标价为44.84元（前值39.05元，对应26年27倍PE）。
　　风险提示：行业竞争恶化；市场开拓不及预期；技术升级和研发失败风险。

Shenzhen VMAX New Energy has reported 1H26 results: revenue of RMB2,867mn, -3.13% YoY, and an attributable net profit of RMB287mn, +5.37% YoY. For 2Q26, revenue came in at RMB1,504mn, -6.40% YoY and +10.28% QoQ; the attributable net profit was RMB156mn, -9.13% YoY and +18.75% QoQ. We attribute the YoY declines in both 2Q revenue and profit to subdued sentiment in China’s NEV market, intensifying competition, and cost pressure from upstream raw-material price increases. That said, we remain positive on the company’s ability to strengthen its technological edge, optimize product mix, and enhance its global competitiveness. Maintain OVERWEIGHT.
2Q26 profitability improved QoQ
The company’s 2Q26 profit grew faster than revenue on a QoQ basis, driven primarily by a higher gross margin and lower expense ratios. The gross margin/net margin came in at 24.09/10.35% in 2Q26, up by 0.06/0.74pp QoQ. We think that the gross margin expansion likely reflects a higher shipment mix of high-value-added products. The total expense ratio for 2Q26 was 12.75%, down by 0.51pp QoQ, with the selling/administrative/R&D/financial expense ratios at 1.39/3.19/8.02/0.15%, shifting by -0.26/-0.58/-0.05/+0.38pp QoQ. We expect profitability to improve as product-mix optimization and cost-control measures continue to take effect.
New project wins and overseas deliveries underpin resilience
According to the CAAM, China’s NEV sales reached 5.09mn units in 1H26, -13.4% YoY. The company’s 1H26 revenue declined by 3.13% YoY (with on-board power supply/electric drive system revenue at RMB2,320/296mn, -10.13/-7.82% YoY), outperforming the broader industry. We put this relative resilience down to accelerated overseas project deliveries alongside a solidifying domestic base (the company secured project collaborations or new model nominations with XPeng, Changan, and Dongfeng in 1H26). In addition, the company continues to advance product iteration — its fifth-generation on-board power supply product delivers 11% higher power density over the prior generation while improving manufacturing efficiency and reducing costs. This should deepen the company’s integration with leading automakers and accelerate new project wins, in our view.
Earnings forecasts and valuation
We lower our 2026 attributable net profit forecast by 10.98% to RMB606mn, to reflect near-term pressure on domestic auto demand and rising raw material costs; and we raise our 2027/2028 forecasts by 0.08%/3.40% to RMB855/1,074mn, factoring in higher mix of high-value-added products and declining expense ratios on scale effects. This implies a 2026-2028 net profit CAGR of 24.37%. We project 2026/2027/2028 EPS at RMB1.45/2.04/2.56. Comparable companies trade at an average of 21.38x 2026E PE on Wind consensus. Given the company’s sustained R&D investment in product iteration and its strengthening technological edge, we assign 27x 2026E PE, yielding our target price of RMB39.05 (previous: RMB34.42, based on 21.19x 2026E PE).
Risks: intensifying industry competition, slower market expansion than we expect, and technology upgrade and R&D failure risks.