SUNWODA(SZ:300207) Minsheng Securities·2024-08-31 04:38Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 16.79 yuan [2]. Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 23.918 billion yuan, a year-on-year increase of 7.57%, and a net profit attributable to shareholders of 824 million yuan, up 87.89% [1]. - The company has shown significant improvement in profitability from consumer batteries, with a revenue of 13.201 billion yuan in H1 2024, a slight decrease of 1.19% year-on-year, but with a gross margin increase of 4.14 percentage points to 18.07% [1]. - The company is expanding its production capacity, with the consumer battery project in Vietnam already in mass production and new projects underway [1]. Financial Performance Summary - For Q2 2024, the company reported revenue of 12.943 billion yuan, a year-on-year increase of 10.08%, and a net profit of 505 million yuan, a decrease of 16.25% year-on-year but an increase of 58.53% quarter-on-quarter [1]. - The gross margin for Q2 2024 was 16.64%, up 1.48 percentage points year-on-year and 0.13 percentage points quarter-on-quarter [1]. - The company expects to achieve revenues of 52.742 billion yuan, 60.636 billion yuan, and 67.959 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.2%, 15.0%, and 12.1% [2][6]. Product and Market Development - The company has maintained a high growth rate in power battery shipments, with a total shipment of 8.33 GWh in H1 2024, a year-on-year increase of 66.93% [1]. - The company is actively investing in R&D for advanced battery technologies, including solid-state batteries and lithium-metal batteries, to enhance product performance [1]. - The company has successfully developed "supercharging" technology and high-power cell technology, improving charging efficiency and performance [1].