GOTION(SZ:002074) Minsheng Securities·2025-04-27 04:03Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [8]. Core Views - The company achieved a revenue of 35.392 billion yuan in 2024, representing a year-on-year increase of 11.98%. The net profit attributable to shareholders was 1.207 billion yuan, up 28.56% year-on-year. The first quarter of 2025 saw a revenue of 9.055 billion yuan, a 20.61% increase year-on-year, with a net profit of 101 million yuan, up 45.55% year-on-year [3][4]. - The company has launched several high-performance battery products and achieved significant growth in its energy storage business, with a 200% increase in energy storage battery shipments and a 12.98% revenue growth in this segment [5][6]. - The company is building a robust supply chain, achieving over 40% self-sufficiency in key raw materials, and has established strategic partnerships with numerous automotive manufacturers and energy storage system integrators [6]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 10.217 billion yuan, a year-on-year increase of 3.97%, and a net profit of 794 million yuan, up 22.72% year-on-year. The gross margin for Q4 2024 was 18.05% [4]. - The company forecasts revenues of 46.944 billion yuan, 59.153 billion yuan, and 73.804 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 1.985 billion yuan, 2.667 billion yuan, and 3.575 billion yuan [6][11]. - The projected PE ratios for the next three years are 18, 14, and 10, reflecting a positive outlook on the company's growth trajectory [6][11].