SUNWODA(SZ:300207) Soochow Securities·2025-04-30 03:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The Q1 2025 performance met market expectations, with revenue of 12.3 billion and a year-on-year increase of 12% [8] - The company's battery cell self-supply rate has increased to 40%, with a target of 50%+ for 2025 [8] - The report anticipates a significant profit contribution from the consumer battery segment, projecting a profit of over 2.5 billion for 2025, representing a growth of 10-20% [8] - The report highlights the ongoing expansion of energy storage customers and expects a narrowing of losses in the power storage segment [8] - R&D expenses have increased, but operating cash flow showed strong performance, with a net cash flow of 1.53 billion in Q1 2025, up 116% year-on-year [8] - The report maintains profit forecasts for 2025-2027, projecting net profits of 2.05 billion, 2.49 billion, and 3.01 billion respectively, with corresponding P/E ratios of 17x, 14x, and 12x [8] Financial Summary - Total revenue for 2023 is projected at 47.86 billion, with a year-on-year decrease of 8.24%, followed by a recovery in 2024 with a 17.05% increase [1] - The net profit attributable to shareholders for 2023 is estimated at 1.08 billion, with a slight increase of 0.77% year-on-year [1] - The latest diluted EPS for 2023 is projected at 0.58 yuan, with a P/E ratio of 32.40 [1] - The company's total assets are expected to grow from 87.32 billion in 2024 to 107.63 billion by 2027 [9]