GOTION(SZ:002074) Minsheng Securities·2025-04-27 04:25Investment Rating - The report maintains a "Recommended" rating for the company [8]. Core Views - The company achieved a revenue of 35.392 billion yuan in 2024, representing a year-on-year increase of 11.98%, and a net profit attributable to shareholders of 1.207 billion yuan, up 28.56% year-on-year [3]. - In Q1 2025, the company reported a revenue of 9.055 billion yuan, a year-on-year increase of 20.61%, and a net profit of 101 million yuan, up 45.55% year-on-year [3]. - The company launched several high-performance battery products in 2024, including the first-generation all-solid-state "Jinshi" battery, leading to a significant increase in energy storage shipments by 200% year-on-year [5]. - The company has established a robust supply chain, achieving over 40% self-sufficiency in key raw materials and forming strategic partnerships with numerous automotive manufacturers and energy storage system integrators [6]. Summary by Sections Financial Performance - 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 [4]. - The gross margin for Q4 2024 was 18.05%, with a net margin of 7.30% [4]. - The company expects 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]. Market Position and Growth - The global installed capacity of the company's power lithium batteries grew by 73.8% year-on-year, with a market share of 3.2% [5]. - The energy storage battery segment achieved a revenue of 7.832 billion yuan in 2024, with a gross margin of 21.75% [5]. - The company is projected to maintain strong growth rates, with revenue growth rates of 32.6%, 26.0%, and 24.8% from 2025 to 2027 [6][11]. Strategic Initiatives - The company is actively expanding its production bases across various regions in China and accelerating the establishment of factories in the Asia-Pacific region [6]. - The company is also developing a battery recycling network to create a "production-application-recycling" green loop [6].