SUNWODA(SZ:300207) Soochow Securities·2025-04-22 04:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q4 performance met market expectations, with a revenue of 17.7 billion yuan, a year-on-year increase of 31%, and a net profit of 2.6 billion yuan, a decrease of 6% quarter-on-quarter [10] - The self-supply rate of battery cells has increased to 40%, with expectations to reach over 50% in 2025 [10] - The company is expanding its customer base in energy storage, with a revenue of 15.1 billion yuan in 2024, a year-on-year increase of 40% [10] - The company has adjusted its net profit forecasts for 2025-2026 to 2.05 billion yuan and 2.51 billion yuan respectively, with a new forecast for 2027 at 3.02 billion yuan [10] Financial Performance Summary - Total revenue for 2023 is projected at 47.86 billion yuan, with a year-on-year decrease of 8.24%, and is expected to grow to 56.02 billion yuan in 2024, a year-on-year increase of 17.05% [1] - The net profit attributable to the parent company for 2023 is estimated at 1.08 billion yuan, with a slight increase of 0.77%, and is expected to rise to 1.47 billion yuan in 2024, a year-on-year increase of 36.43% [1] - The earnings per share (EPS) for 2024 is projected at 0.80 yuan, with a price-to-earnings (P/E) ratio of 23.68 [1] Market Data Summary - The closing price of the company's stock is 18.84 yuan, with a market capitalization of approximately 35.1 billion yuan [7] - The company has a price-to-book (P/B) ratio of 1.47 and a debt-to-asset ratio of 63.44% [8][11]