GOTION(SZ:002074) Xin Lang Cai Jing·2025-09-13 10:40Core Viewpoint - Company achieved significant growth in revenue and net profit in the first half of 2025, indicating a strong performance in both the domestic and overseas markets [1][2]. Financial Performance - For the first half of 2025, the company reported revenue of 19.394 billion, a year-on-year increase of 15.48%, and a net profit attributable to shareholders of 367 million, up 35.22% year-on-year [1]. - In Q2 2025, revenue reached 10.338 billion, a quarter-on-quarter increase of 14.17%, with a net profit of 266 million, reflecting a significant quarter-on-quarter growth of 164.32% [1]. Business Growth - The company's power and energy storage businesses showed steady growth, with the national power battery installation volume reaching 299.6 GWh in the first half of 2025, a year-on-year increase of 47.3% [2]. - The company's global market share in power battery installations was 3.6%, up 1 percentage point year-on-year, while its domestic market share increased to 5.18%, ranking fourth [2]. Market Expansion - Revenue from overseas markets (including Hong Kong, Macau, and Taiwan) was 6.4 billion, a year-on-year increase of 15.79%, accounting for 33% of total revenue, up from 32.91% in the previous year [2]. - Revenue from mainland China was 12.994 billion, a year-on-year increase of 15.33%, making up 67% of total revenue [2]. Global Strategy and R&D - The company is actively expanding its global presence across four major regions: China, the Americas, Europe and Africa, and Asia-Pacific, enhancing its brand influence and competitiveness [3]. - The company has established production bases in multiple countries, including Germany and Vietnam, with a focus on local production and delivery [3]. Technological Advancements - The company has made significant technological breakthroughs, including the development of the LMFP system L600 battery cell and the introduction of solid-state batteries, enhancing product competitiveness [3]. - New products targeting commercial vehicles and portable energy storage devices have gained attention in overseas markets, contributing to business growth [3]. Investment Outlook - The company’s global layout and significant growth in Q2 have led to an upward revision of profit forecasts for 2025-2027, with projected net profits of 1.42 billion, 2.34 billion, and 2.99 billion respectively [4]. - The target price is set at 54.33, based on a 42x PE ratio for 2026, maintaining a "recommended" rating [4].