20240926-江海证券-威迈斯-688612.SH-2024H1研发投入致利润承压_新产品+出海有望贡献新增长_5页_1mb

江海证券公司点评报告聚焦威迈斯（股票代码688612）2024年中报，维持“买入”投资评级。公司上半年营收同比增长显著，但净利润因研发费用增加而下降。核心业务如车载电源市场保持领先份额，并推出创新产品。战略上，公司推进产能出海欧洲，拓展国际客户。估值预测下调，目标价为296元/股，风险包括市场竞争和销售推迟。

Summary:
This report by Jianghai Securities analyzes Winner Technologies (stock code 688612) based on mid-2024 financial data. Revenue grew 2,293% in H1 2024, but net profit declined 17.91% Q2 due to increased R&D and sales expenses. Key highlights include strong market share in automotive chargers, expansion to global markets, and product innovation like fourth-gen power supplies. Despite slowing growth forecasts from 2024-2026, the rating remains "Buy" with a target price of 29.60 yuan per share, subject to risks like reduced car sales and competition strain.