GOTION(002074) 华创证券·2024-09-09 15:07Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 22.97 yuan, compared to the current price of 18.51 yuan [1] Core Views - The company's overseas revenue share has increased, leading to improved profitability [1] - Significant growth in power and energy storage shipments, with the company ranking 7th globally in energy storage cell shipments [1] - The company's battery installation volume reached 9GWh, a 38.2% year-on-year increase, ranking 8th globally in electric vehicle power battery usage [1] - Profitability has improved, with a gross margin of 17.81% in Q2, up 2.46 percentage points year-on-year [1] - Overseas shipments have grown significantly, with overseas revenue (including Hong Kong, Macao, and Taiwan) reaching 5.527 billion yuan, accounting for 32.91% of total revenue [1] - The company has a globalized R&D and production base, with products exported to multiple countries and regions [1] - The company is focusing on R&D, with 9.03 billion yuan spent on R&D in the first half of the year, and has launched 8 new third-generation battery products [1] Financial Performance - In the first half of 2024, the company achieved revenue of 16.794 billion yuan, a year-on-year increase of 29.69%, and net profit attributable to the parent company of 202 million yuan, a year-on-year decrease of 17.3% [1] - The company's revenue for 2024-2026 is forecasted to be 36.9 billion yuan, 44.8 billion yuan, and 52.1 billion yuan, respectively, with net profit attributable to the parent company expected to be 950 million yuan, 1.34 billion yuan, and 1.62 billion yuan [1] - The company's gross margin is expected to be 17.4% in 2024, 17.5% in 2025, and 17.6% in 2026 [2] - The company's net profit margin is forecasted to be 2.7% in 2024, 3.1% in 2025, and 3.2% in 2026 [2] Global Expansion - The company has established R&D centers in China, Japan, Singapore, and the US, and is expanding production bases in Germany, Indonesia, Thailand, and the US [1] - The company's products are exported to Thailand, Indonesia, Vietnam, India, Singapore, the US, Canada, and the EU [1] Market Position - The company ranks 8th globally in electric vehicle power battery usage and 7th in energy storage cell shipments [1] - The company's global market share in the power and energy storage sectors is steadily increasing [1]