Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [6]. Core Views - The company has demonstrated strong domestic performance with high gross margins and market share, while also achieving a significant breakthrough in overseas markets expected in 2025 [6]. - The company reported a revenue of 8.27 billion yuan for 2024, reflecting a year-on-year increase of 18.4%, and a net profit of 650.5 million yuan, up 12.5% year-on-year [6]. - The company is expected to increase its domestic shipments to 25 GWh in 2025, with overseas shipments projected to rise from 0.4 GWh to 2-3 GWh [6]. - The company maintains a leading position in technology, with a gross margin of around 20%, which is higher than its peers, and has ranked first in domestic market share for three consecutive years [6]. - The financial forecasts predict net profits of 650 million yuan, 930 million yuan, and 1.25 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 12.5%, 43.0%, and 34.1% [6]. Summary by Sections Financial Performance - Total revenue for 2022 was 2.626 billion yuan, with a significant increase to 6.982 billion yuan in 2023, and projected revenues of 8.271 billion yuan in 2024 [6][7]. - The net profit for 2022 was 177.27 million yuan, which is expected to grow to 578.12 million yuan in 2023 and 650.50 million yuan in 2024 [6][7]. - The latest diluted EPS is projected to be 3.66 yuan in 2024, increasing to 5.23 yuan in 2025 and 7.02 yuan in 2026 [6][7]. Market Position - The company has a strong domestic foundation and is expected to achieve a breakthrough in overseas markets, with a focus on high-margin products [6]. - The company’s gross margin in Q4 was reported at 35% for overseas sales, contributing significantly to profits [6]. Valuation - The report estimates a target price of 94 yuan for 2025 based on an 18x PE ratio [6].
海博思创：2024年业绩快报点评：国内高毛利高市占率，25年海外迎来大突破-20250302