GOTION(SZ:002074) Ge Long Hui·2025-11-24 07:35Core Viewpoint - Guoxuan High-Tech reported a significant increase in net profit for the first three quarters, driven by strong growth in the power battery sector and ongoing investments in solid-state battery technology [1] Financial Performance - The net profit attributable to shareholders for the first three quarters reached 2.533 billion yuan, representing a year-on-year increase of 514.35% [1] - In Q3 alone, the net profit attributable to shareholders was 2.167 billion yuan, showing a quarter-on-quarter increase of 714.52% [1] Business Growth Drivers - The growth in power battery shipments is attributed to three main factors: 1. Successful onboarding of new customers, providing new business growth points [1] 2. Continuous optimization of product structure, with a significant increase in the proportion of mid-to-high-end passenger vehicles and a substantial rise in commercial vehicle shipments, particularly in the heavy truck sector [1] 3. Steady increase in the single-vehicle energy capacity of new energy vehicles, further driving overall growth in power battery shipments [1] Capacity and R&D Investment - The company is expanding its production capacity to meet market demand and is increasing its R&D investment, with progress in various projects [1] Market Position and Valuation - The company has a clear first-mover advantage in its globalized full industry chain layout [1] - Benefiting from the explosive demand in the energy storage business, the revenue is expected to maintain high growth [1] - Based on comparable company valuations, a target price of 55.49 yuan is set, with a 34x PE for 2026, maintaining a "recommended" rating [1]