SUNWODA(SZ:300207) Bank of China Securities·2025-04-15 03:49Investment Rating - The report maintains a rating of "Accumulate" for the company [2][5][7] Core Views - The company’s core business is developing steadily, and the impact of the "reciprocal tariffs" imposed by the US is limited [5][10] - The growth potential of the power and energy storage battery business is promising, with expectations for continued improvement in profitability due to increased self-supply ratios of consumer battery cells [5][10] - The company is expanding its customer base in the power battery sector, with industry-leading fast-charging capabilities for lithium iron phosphate batteries [10] Financial Summary - Revenue projections for 2024-2026 have been adjusted to RMB 55,458 million, RMB 64,609 million, and RMB 74,948 million respectively, reflecting growth rates of 15.9%, 16.5%, and 16.0% [9][11] - The adjusted earnings per share (EPS) forecasts for 2024, 2025, and 2026 are RMB 0.89, RMB 1.21, and RMB 1.47, respectively, with corresponding price-to-earnings ratios of 20.7, 15.2, and 12.6 [7][9] - The company’s net profit is projected to grow significantly, with estimates of RMB 1,645 million for 2024, RMB 2,236 million for 2025, and RMB 2,708 million for 2026, indicating growth rates of 52.9%, 35.9%, and 21.1% respectively [9][11] Market Performance - The company’s stock has shown a relative performance of -11.7% over the past month and -22.4% year-to-date, while the Shenzhen Composite Index has performed better [3][4] - The total market capitalization of the company is approximately RMB 34,357.38 million, with a circulating share count of 1,711.69 million [4][9]