SUNWODA(SZ:300207) Guolian Securities·2024-08-31 04:39Investment Rating - The investment rating for the company is "Buy" (maintained) [7]. Core Views - The company's performance in H1 2024 exceeded expectations, with notable growth in its consumer business [6][10]. - The consumer battery business showed significant revenue growth, driven by increased self-supply rates and improved profitability [11]. - The power battery business also saw a substantial increase in shipment volume and market share, with a focus on collaborations with major domestic and international automotive manufacturers [12]. - The company is implementing a "focus + differentiation" strategy, targeting various segments of the battery market [13]. - Revenue and profit forecasts for 2024-2026 indicate strong growth, with expected revenues of 577.37 billion, 665.31 billion, and 759.54 billion respectively, and net profits of 16.75 billion, 20.40 billion, and 24.70 billion [14]. Financial Performance - In H1 2024, the company achieved revenue of 239.18 billion, a year-on-year increase of 7.57%, and a net profit of 8.24 billion, up 87.89% year-on-year [10]. - The second quarter revenue was 129.43 billion, reflecting a year-on-year increase of 10.08% and a quarter-on-quarter increase of 17.93% [10]. - The gross margin for the consumer business reached 18.07%, an increase of 4.14 percentage points year-on-year [11]. - The power battery shipment volume reached 8.33 GWh, a year-on-year increase of 66.93%, with revenue of 62.01 billion, up 19.58% year-on-year [12]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 577.37 billion, 665.31 billion, and 759.54 billion respectively, with year-on-year growth rates of 20.63%, 15.23%, and 14.16% [14]. - Net profit projections for the same period are 16.75 billion, 20.40 billion, and 24.70 billion, with growth rates of 55.60%, 21.82%, and 21.10% respectively [14]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.90, 1.10, and 1.33 yuan per share [14].