东兴证券晨报-20250528

Group 1: Company Overview - The core strategy of the company is the "three-year doubling" plan, aiming to double its performance by 2026 [2] - The company has a solid channel management and penetration strategy, continuously optimizing its distribution channels [2] - The company has strong product development capabilities, with competitive new products launched last year [2] Group 2: Market Performance - The company is expected to achieve a sales revenue growth of 17.4% in 2025, with a net profit growth of 14.3%, corresponding to an EPS of 0.74 yuan [3] - The target valuation is set at 23 times, with a target price of 17.02 yuan, reflecting a "strong buy" rating [3] Group 3: Industry Insights - The global new energy vehicle sales are projected to reach 18.86 million units in 2024, with a year-on-year growth of 24.8% [4] - The domestic market is expected to maintain a high growth rate, with a projected sales volume of 12.85 million units in 2024, up 36.1% year-on-year [4] - The cumulative installed capacity of new energy storage is expected to reach 165.4 GW globally, with lithium battery storage accounting for 98% of this capacity [4] Group 4: Financial Metrics - The lithium battery industry is experiencing a decline in overall revenue due to falling product prices, despite significant increases in output [5] - The overall profit distribution in the industry is shifting towards downstream sectors, with the battery industry capturing the majority of profits [7] - The company is expected to maintain a high dividend payout, with a projected dividend of 0.622 yuan per share for 2024, reflecting a payout ratio of 134.3% [28]