GOTION(SZ:002074) Huachuang Securities·2025-05-22 11:42Investment Rating - The report maintains a "Recommended" rating for Guoxuan High-Tech (002074) with a target price of 29.79 CNY [2][8]. Core Insights - Guoxuan High-Tech reported significant revenue growth of 11.98% year-on-year, reaching 35.39 billion CNY in 2024, with a net profit of 1.21 billion CNY, up 28.56% year-on-year [2][4]. - The company’s first quarter of 2025 showed a revenue increase of 20.61% year-on-year, totaling 9.06 billion CNY, and a net profit of 101 million CNY, up 45.55% year-on-year [2][4]. - The company’s power battery business accounted for over 70% of total revenue, with a global installed capacity growth of 73.8% year-on-year, ranking eighth in market share [8]. - The energy storage business generated 7.83 billion CNY in revenue, representing 22.13% of total revenue, with a year-on-year growth of 12.98% [8]. - The company has established strategic partnerships with international automakers like Volkswagen to enhance its global market competitiveness [8]. Financial Projections - Revenue projections for Guoxuan High-Tech are 43.02 billion CNY in 2025, 52.45 billion CNY in 2026, and 64.93 billion CNY in 2027, with corresponding year-on-year growth rates of 21.6%, 21.9%, and 23.8% respectively [4][9]. - The net profit is expected to reach 1.36 billion CNY in 2025, 1.79 billion CNY in 2026, and 2.66 billion CNY in 2027, with growth rates of 12.5%, 31.8%, and 48.5% respectively [4][9]. - The earnings per share (EPS) are projected to be 0.75 CNY in 2025, 0.99 CNY in 2026, and 1.47 CNY in 2027 [4][9]. Shareholder Returns - The company has implemented a cash dividend policy, distributing 1 CNY per 10 shares (before tax), totaling 179 million CNY, which represents 14.82% of the net profit attributable to shareholders [8]. - Guoxuan High-Tech has also repurchased shares worth 300 million CNY, enhancing shareholder returns [8].