GOTION(SZ:002074) China Post Securities·2025-05-12 06:27Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [10][13]. Core Insights - The company achieved a revenue of 35.392 billion yuan in 2024, representing a year-on-year growth of 11.98%. The net profit attributable to shareholders was 1.207 billion yuan, up 28.56% year-on-year, with a non-recurring net profit of 263 million yuan, increasing by 125.86% [5][7]. - The gross margin for both power and energy storage batteries improved, with overseas revenue surpassing 10 billion yuan for the first time, accounting for 31% of total revenue [5][6]. - The company ranked third globally in phosphate iron lithium battery installations with a market share of 6.18%, and its global power lithium battery installation volume grew by 73.8%, achieving a market share of 3.2% [6]. Financial Performance - For 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 [6]. - The forecast for 2025-2027 indicates revenues of 46.621 billion yuan, 53.673 billion yuan, and 63.690 billion yuan, with respective growth rates of 31.73%, 15.13%, and 18.66% [7][11]. - The projected net profit for 2025-2027 is 1.746 billion yuan, 2.330 billion yuan, and 2.907 billion yuan, with growth rates of 44.67%, 33.46%, and 24.77% [7][11]. Market Position - The company has made significant inroads in the power battery sector, securing contracts with high-end vehicle manufacturers and expanding its presence in the Asia-Pacific and European markets [6]. - The company is focusing on enhancing its supply to A-class vehicles and has successfully delivered over twenty energy storage stations [6].