GOTION(SZ:002074) Dongxing Securities·2025-05-13 01:30Investment Rating - The report maintains a "Strong Buy" rating for Guoxuan High-Tech [6] Core Views - Guoxuan High-Tech achieved a revenue of 35.392 billion yuan in 2024, a year-on-year increase of 12.0%, and a net profit attributable to shareholders of 1.207 billion yuan, up 28.6% year-on-year [1] - In Q1 2025, the company reported a revenue of 9.055 billion yuan, representing a year-on-year growth of 20.6%, with a net profit of 101 million yuan, up 45.6% year-on-year [1] - The company continues to see high growth in the shipment of power and energy storage batteries, with a total shipment of approximately 63 GWh in 2024, a year-on-year increase of 40% [2] - The company is expanding its global market share, with domestic market share reaching 4.6%, up 0.5 percentage points year-on-year, ranking fourth in the market [2] - The gross margin for power batteries was 15.1%, an increase of 1.3 percentage points year-on-year, while the gross margin for energy storage batteries was 21.8%, up 4.6 percentage points year-on-year [2] Financial Performance - The company has demonstrated excellent cost control, with expense ratios of 14.8% for 2024 and 15.0% for Q1 2025, down 1.1 percentage points and 0.3 percentage points year-on-year, respectively [3] - The net profit margin for 2024 was 3.4%, an increase of 0.4 percentage points year-on-year, while the return on equity (ROE) was 4.1% [3] - The company is expected to achieve revenues of 44.662 billion yuan, 55.165 billion yuan, and 67.199 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 26.2%, 23.5%, and 21.8% [5] Global Expansion - Guoxuan High-Tech is steadily advancing its global strategy, with a 5 GWh production base in Vietnam already operational and additional projects in Slovakia and Morocco underway [4] - The company aims to enhance its cost competitiveness in overseas markets through localized production capabilities, which will also provide flexibility in supply amidst geopolitical and trade tensions [4] - The ongoing development of new battery technologies, including solid-state batteries, is expected to further enhance the company's competitive edge in the global market [5]