Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q4 performance of the company met market expectations, with a revenue of 177 million yuan in Q4, representing a 31% quarter-on-quarter increase and a 24% year-on-year increase. The net profit for Q4 was 26 million yuan, showing a 6% quarter-on-quarter decrease and a 34% year-on-year decrease [10] - The self-supply rate of battery cells has increased to 40%, with a target of over 50% in 2025. The company aims to achieve a revenue target of 70-80 billion yuan in 2025 [10] - The company is expanding its energy storage customer base, with energy storage battery revenue growing by 40% year-on-year to 151 billion yuan in 2024 [10] Financial Performance Summary - Total revenue for 2023 was 47.862 billion yuan, with a year-on-year decrease of 8.24%. The projected revenue for 2024 is 56.021 billion yuan, reflecting a year-on-year increase of 17.05% [1] - The net profit attributable to the parent company for 2023 was 1.076 billion yuan, with a year-on-year increase of 0.77%. The projected net profit for 2024 is 1.468 billion yuan, indicating a year-on-year increase of 36.43% [1] - The earnings per share (EPS) for 2023 was 0.58 yuan, with a projected EPS of 0.80 yuan for 2024 [1] Revenue and Profit Forecast - The company expects to achieve a net profit of 2.051 billion yuan in 2025, with a year-on-year growth of 39.68% [1] - The projected net profit for 2026 is 2.506 billion yuan, with a year-on-year growth of 22.18%, and for 2027, it is expected to reach 3.024 billion yuan, with a year-on-year growth of 20.68% [1] Valuation Metrics - The price-to-earnings (P/E) ratio for the current price and latest diluted EPS is projected to be 32.31 for 2023, decreasing to 23.68 for 2024, and further down to 11.50 by 2027 [1] - The target price for the company is set at 27.8 yuan, based on a 25x P/E for 2025 [10]
欣旺达:2024年年报点评:Q4业绩符合市场预期,电芯自供率持续提升-20250422