GOTION(SZ:002074) Sou Hu Cai Jing·2025-04-25 11:08Core Viewpoint - Guoxuan High-Tech (国轩高科) reported strong financial performance for 2024, with revenue reaching 35.39 billion yuan, a year-on-year increase of 11.98%, and a net profit attributable to shareholders of 1.21 billion yuan, up 28.56% from the previous year [2][3][4]. Financial Performance - In 2024, Guoxuan High-Tech achieved a revenue of 35.39 billion yuan, with a breakdown showing that the power battery system generated 25.65 billion yuan (72.47% of total revenue), while the energy storage battery system contributed 7.83 billion yuan (22.13%) [5][6]. - The company’s Q1 2025 results continued the growth trend, with revenue of 9.06 billion yuan, a 20.61% increase year-on-year, and a net profit of 101 million yuan, up 45.55% [2][4]. Market Position - Guoxuan High-Tech ranked third globally in lithium iron phosphate battery installations with a market share of 6.18% and eighth in power lithium battery installations with a market share of 3.2% [2][4]. - The company’s energy storage battery shipments increased by 200% year-on-year, achieving a market share of 6% [2]. Revenue Breakdown - The revenue from the power battery business increased by 11.27% to 25.65 billion yuan, while the energy storage business saw a 12.98% increase to 7.83 billion yuan [5][6]. - Overseas revenue surpassed 10 billion yuan, growing by 71.21% year-on-year, indicating a shift in revenue distribution from a 80:20 ratio (domestic to overseas) to a 70:30 ratio [7]. Accounts Receivable - Guoxuan High-Tech's accounts receivable reached 18.94 billion yuan, an increase of 4.18 billion yuan from the previous year, raising concerns about the recoverability of these receivables [8][10]. - The company reported a bad debt provision of 2.49 billion yuan, with a provision rate of 13.14%, slightly up from 12.58% the previous year [9][10]. Strategic Initiatives - To address the rising accounts receivable, Guoxuan High-Tech plans to optimize its customer structure and innovate financial and cooperation models to reduce receivable risks [12].