SUNWODA(SZ:300207) EBSCN·2024-10-24 00:08Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's profitability in the consumer battery segment has significantly improved in the first half of 2024, with total revenue reaching 23.918 billion yuan, a year-on-year increase of 7.57%, and a net profit of 824 million yuan, up 87.89% year-on-year [1]. - The company has a strong focus on research and development, leading to an increase in self-supply ratios and the introduction of advanced battery technologies, including the "supercharging" technology that allows charging to 80% in just 10 minutes [1]. - The company has launched the "Flash Charge" 3.0 series products, achieving a total power battery shipment of 8.33 GWh in the first half of 2024, a year-on-year increase of 66.93% [1]. Summary by Sections Financial Performance - In 2024H1, the consumer battery segment generated revenue of 13.201 billion yuan (down 1.19% year-on-year), while electric vehicle batteries generated 6.201 billion yuan (up 19.58% year-on-year), and energy storage systems generated 595 million yuan (up 31.49% year-on-year) [1]. - The company forecasts net profits of 1.635 billion yuan for 2024, 2.283 billion yuan for 2025, and 2.572 billion yuan for 2026, with corresponding PE ratios of 26x, 19x, and 17x [2][3]. Research and Development - The company is collaborating with several universities and research institutions to enhance its battery technology and has received positive feedback from major clients such as OPPO, Nissan, and others [1]. - The company has developed its first-generation semi-solid-state battery and is progressing towards the second and third generations, with expectations to complete product development by 2025 and 2027, respectively [1]. Market Position - The company is recognized as a leading player in the lithium-ion battery industry, with over 20 years of experience and a strong market presence in consumer, automotive, and energy storage battery segments [1]. - The company has successfully delivered HEV products to major automotive manufacturers, indicating a robust demand for its products in the market [1].