GOTION(SZ:002074) Dongxing Securities·2024-09-23 23:30Investment Rating - The report maintains a "Strong Buy" rating for Guoxuan High-Tech [4][14]. Core Views - Guoxuan High-Tech's revenue for the first half of 2024 reached 16.794 billion yuan, a year-on-year increase of 10.2%, with a net profit attributable to shareholders of 271 million yuan, up 29.7% year-on-year [1][2]. - The company is experiencing significant profit growth driven by energy storage contributions and an expansion in overseas markets alongside new product launches [1][2]. - The company has achieved a gross margin of 17.8% in the first half of 2024, benefiting from an increase in overseas business and enhanced profitability from energy storage [1][2]. Summary by Sections Financial Performance - In H1 2024, Guoxuan High-Tech's main business revenue was 16.040 billion yuan, up 53.1% year-on-year, with the energy storage battery segment contributing 4.339 billion yuan, a 25.84% increase [1][2]. - The company reported a net profit margin of 1.9% and a non-recurring net profit margin of 0.3% for H1 2024, reflecting effective cost control [1][2]. Product and Market Expansion - The company has established four PACK production bases in Germany, the USA, Thailand, and Indonesia, enhancing its presence in major automotive markets [2][3]. - New products such as the all-solid-state "Jinshi Battery" and the 5C ultra-fast charging "G-Ke Battery" have been launched, aimed at meeting high-end customer demands [2][3]. Future Outlook - Revenue projections for 2024 to 2026 are estimated at 35.929 billion yuan, 43.464 billion yuan, and 50.066 billion yuan, respectively, with corresponding net profits of 1.111 billion yuan, 1.541 billion yuan, and 2.131 billion yuan [6][7]. - The report anticipates that the company's global strategy and technological advancements will continue to enhance its competitive position and profitability [2][6].