GOTION(SZ:002074) Changjiang Securities·2025-05-25 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported 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, while the non-recurring net profit reached 263 million yuan, showing a significant increase of 125.86% [3][10]. - In Q4 2024, the company achieved a revenue of 10.217 billion yuan, a growth of 3.97% year-on-year, with a net profit of 794 million yuan, up 22.88% year-on-year, and a non-recurring net profit of 205 million yuan, increasing by 213.66% [3][10]. - For Q1 2025, the company reported a revenue of 9.055 billion yuan, reflecting a year-on-year growth of 20.61%, with a net profit of 101 million yuan, up 45.55% year-on-year, and a non-recurring net profit of 15 million yuan, increasing by 37.59% [3][10]. Summary by Sections Sales and Profitability - The company achieved a total lithium-ion battery sales volume of 19.75 billion ampere-hours in 2024, marking a year-on-year increase of 40.38%, driven by strong market demand [10]. - The overall gross margin for 2024 was 18%, an increase of 2.23 percentage points year-on-year. The gross margin for the power battery system was 15.14%, up 1.33 percentage points, while the gross margin for the energy storage battery system reached 21.75%, an increase of 4.64 percentage points [10]. Cost and Expenses - The total expense ratio for 2024 was 14.76%, a slight increase of 0.09 percentage points year-on-year. The sales expense ratio decreased to 0.86%, down 0.07 percentage points, while the management expense ratio was 5.45%, down 0.05 percentage points [10]. Future Outlook - The company is expected to continue upgrading its product and customer structure in the domestic power market, enhancing its market share and profitability through partnerships with B-class vehicle customers. The expansion of production capacity in overseas markets, including the U.S., Czech Republic, and Morocco, is also anticipated to contribute positively [10].