GOTION(SZ:002074) Dongxing Securities·2025-05-20 08:03Investment Rating - The report maintains a "Strong Buy" rating for Guoxuan High-Tech, indicating a positive outlook for the company's long-term growth potential [4][5]. Core Viewpoints - Guoxuan High-Tech is accelerating the industrialization process of solid-state batteries, with significant advancements in product development and customer validation [2][3]. - The company has released multiple new products, including the "G Yuan" quasi-solid-state battery and the "Jinshi" all-solid-state battery, which are expected to enhance its competitive edge in the market [2][3]. - The product matrix has been upgraded, with new offerings aimed at both passenger and commercial vehicles, which are anticipated to drive high growth in shipment volumes [3]. Summary by Sections Product Development - The "G Yuan" quasi-solid-state battery features a cell energy density exceeding 300Wh/kg and a system energy density over 235Wh/kg, enabling a range of 1,000 km for electric vehicles [2]. - The "Jinshi" all-solid-state battery has achieved cell and battery energy densities of 350Wh/kg and 280Wh/kg, respectively, and is currently undergoing road testing [2]. Production Capacity - Guoxuan High-Tech plans to establish a production capacity of 12GWh for the "G Yuan" quasi-solid-state battery and has completed the construction of a pilot line for the all-solid-state battery with a capacity of 0.2GWh [2]. - The company has initiated the design work for a 2GWh mass production line for the first generation of all-solid-state batteries [2]. Market Position and Growth - The company has secured over 6GWh in orders for its "Qicheng" energy storage system, which boasts the largest single-cabin capacity globally and a design life of 25 years [3]. - According to data from the Power Battery Industry Innovation Alliance and SNE Research, Guoxuan High-Tech's installation growth rates for Q1 2025 are projected at +205% in China and +108% overseas, with market shares of 5.0% and 2.0%, respectively [3]. Financial Projections - Revenue is expected to grow from 31,605.49 million yuan in 2023 to 67,198.75 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.81% [10]. - Net profit attributable to the parent company is projected to increase from 938.73 million yuan in 2023 to 2,959.26 million yuan in 2027, with a CAGR of 33.41% [10].