GOTION(SZ:002074) GOLDEN SUN SECURITIES·2025-05-11 06:23Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue of 35.39 billion yuan in 2024, a year-on-year increase of 12.0%, and a net profit attributable to shareholders of 1.21 billion yuan, up 28.6% [1]. - The company is accelerating the development of new battery technologies and expanding its overseas production bases [3]. - The company’s battery product shipments are expected to grow by 40% in 2024 and 50% in Q1 2025 [2]. Financial Performance - In 2024, the company reported a gross profit margin of 18.0% and a net profit margin of 3.3%, both showing improvements [1]. - For Q1 2025, the company achieved a revenue of 9.06 billion yuan, reflecting a 20.6% increase year-on-year [1]. - The company’s net profit for Q1 2025 was 100 million yuan, a 45.6% increase compared to the previous year [1]. Product and Market Position - In the power battery sector, the company ranked eighth globally in installed capacity with a market share of 3.2% [2]. - The company is the third largest in the global lithium iron phosphate battery market, with a market share of 6.18% [2]. - In the energy storage battery sector, the company holds a 6% market share, ranking seventh globally [2]. Technology and Innovation - The company has launched several high-performance battery products and introduced its first-generation all-solid-state "Jinshi" battery [3]. - The company is also developing products for new market segments such as low-altitude aircraft and electric ships [3]. Profit Forecast - The company’s net profit is projected to reach 1.31 billion yuan in 2025, with a growth rate of 8.8% [3]. - The expected net profits for 2026 and 2027 are 1.87 billion yuan and 2.55 billion yuan, respectively, with growth rates of 42.5% and 36.5% [3].