Great Power(SZ:300438) Xin Lang Cai Jing·2025-05-02 10:48Core Viewpoint - The company reported a decline in net profit for 2024 and a challenging start to 2025, but it is focusing on expanding its energy storage business and developing new technologies to improve future profitability [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 7.961 billion yuan, a year-on-year increase of 14.83%, but reported a net loss attributable to shareholders of 0.252 billion yuan, a year-on-year decrease of 685.72% [1]. - For Q1 2025, the company generated revenue of 1.690 billion yuan, with a quarter-on-quarter increase of 5.83% but a year-on-year decrease of 26.92%. The net loss attributable to shareholders was 0.045 billion yuan, with a quarter-on-quarter decrease of 375.01% and a year-on-year increase of 85.63% [1]. - The gross profit margin for Q1 2025 was 14.19%, with a quarter-on-quarter increase of 2.35 percentage points [1]. Business Development - The company is advancing in the energy storage sector, focusing on large-scale, commercial, residential, and portable storage solutions, and has established strong partnerships with key clients in the renewable energy space [2]. - The company is involved in the largest independent shared energy storage project in China, located in Gansu, with a capacity of 105MW/420MWh [2]. - The company has made significant progress in developing solid-state battery technology, which is expected to reduce manufacturing costs significantly in the next 3-5 years [2]. Investment Outlook - The company is expected to see gradual improvement in its energy storage business, with projected net profits of 0.205 billion yuan, 0.300 billion yuan, and 0.362 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 181.3%, 46.4%, and 20.5% [3].