GOTION(002074) 民生证券·2024-08-29 11:00Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 18.10 yuan [3]. Core Insights - The company achieved a revenue of 16.794 billion yuan in the first half of 2024, representing a year-on-year increase of 10.20%. The net profit attributable to shareholders was 271 million yuan, up 29.69% year-on-year, while the net profit after deducting non-recurring items was 49 million yuan, an increase of 38.71% year-on-year [2]. - The company has established a strong market presence in both the power and energy storage sectors, ranking eighth globally in electric vehicle battery installation with a volume of 9 GWh, a year-on-year increase of 38.2% [2]. - The company has made significant advancements in technology, establishing eight R&D centers globally and delivering new battery products, including the third-generation battery products [2]. - The internationalization strategy is yielding results, with overseas revenue reaching 5.527 billion yuan, accounting for 32.91% of total revenue, and an overseas gross margin of 21.12%, approximately 5 percentage points higher than domestic margins [2]. Financial Forecasts - The company is projected to achieve revenues of 36.15 billion, 47.14 billion, and 57.80 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 14.4%, 30.4%, and 22.6% [2][6]. - The net profit attributable to shareholders is expected to reach 1.29 billion, 1.87 billion, and 2.60 billion yuan for the same years, with growth rates of 37.5%, 44.7%, and 39.3% [2][6]. - The current price corresponds to price-to-earnings ratios of 25, 17, and 12 for 2024, 2025, and 2026, respectively [2][6].