BOCOM International·2025-04-30 05:26Group 1: Guoxuan High-Tech (国轩高科) - The company has experienced significant growth in battery shipments, with a 2024 revenue of RMB 35.39 billion, representing a year-on-year increase of 11.9% driven by a substantial rise in battery shipments [1][2] - In Q1 2025, the revenue reached RMB 9.05 billion, marking a year-on-year increase of 20.6% [1] - The gross margin and net profit margin (excluding non-recurring items) for 2024 improved by 1.1 and 0.3 percentage points to 18.0% and 0.7%, respectively, with further improvements in Q1 2025 [1] Group 2: Third Generation Battery Cells - The third generation battery cells have secured multiple model designations from various clients, with a production capacity target of 20 GWh by 2025 [2] - Revenue from regions outside mainland China saw a remarkable growth of 71.2% in 2024, while revenue from mainland China declined by 3.1% [2] - The company is progressing with local production facilities in Vietnam, Morocco, and Slovakia, with the latter two expected to commence operations in 2026 and 2027, respectively [2] Group 3: GoodWe (固德威) - The company reported a 2024 revenue of RMB 6.74 billion, a decrease of 8% year-on-year, with a shift from a profit of RMB 0.852 billion in 2023 to a loss of RMB 0.062 billion [3] - The first quarter of 2025 saw revenue of RMB 1.88 billion, with a year-on-year increase of 67% and a sequential increase of 5% [3] - The company's contract liabilities reached a historical high of RMB 0.44 billion at the end of Q1 2025, indicating potential recovery in performance [3]