GOTION(002074) -·2025-01-15 07:03Investment Rating - The investment rating for Guoxuan High-Tech is Neutral with a target price of Rmb 22.90 [5][24]. Core Insights - Guoxuan High-Tech aims to achieve a shipment volume of nearly 100 GWh in 2025, representing a year-on-year increase of approximately 50% [2]. - The company expects a growth rate of over 60% in its power battery shipments, driven by orders for B-class and above models, which have a larger single vehicle battery capacity [2]. - The company has made significant progress in expanding its global production capacity, with plans for factories in the USA, Morocco, and Slovakia [3]. Summary by Sections Recent Operational Updates - In 2024, Guoxuan's shipment volume is projected to grow by about 50% to 65 GWh, with energy storage accounting for 35%-40% of this volume [1]. - The company has planned production exceeding 20 GWh for Q1 2025, showing strong performance even in the industry off-season [1]. Production Capacity Expansion - Guoxuan's production capacity is expected to reach approximately 100 GWh by the end of 2024, with a planned capacity of 150 GWh for 2025, potentially achieving 120 GWh in actual capacity [1]. - The U.S. factory's Pack production line has been completed and is expected to commence production in 2025 [3]. Financial Projections - Revenue is projected to increase from Rmb 31,605 million in 2023 to Rmb 39,926 million in 2025 [7]. - The net profit is expected to rise from Rmb 939 million in 2023 to Rmb 760 million in 2025 [7]. Valuation - The target price of Rmb 22.90 is based on the price-to-book ratio valuation method [4].