SUNWODA(SZ:300207) Soochow Securities·2025-08-29 02:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for the first half of 2025 reached 26.99 billion yuan, a year-on-year increase of 12.8%, with a net profit attributable to shareholders of 860 million yuan, up 3.9% year-on-year [8] - The self-supply rate of consumer battery cells is expected to exceed 50% in 2025, with revenue targets of 7.5 to 8 billion yuan and a net profit margin of 15-20% [8] - The company anticipates a continuous improvement in the profitability of its energy storage segment, with a projected total shipment of nearly 40 GWh for the year [8] - The company maintains a leading position in the consumer battery market, with expected net profits of 2.05 billion yuan in 2025, representing a year-on-year growth of 39.68% [8] Financial Projections - Total revenue projections for the company are as follows: 56.02 billion yuan in 2024, 65.33 billion yuan in 2025, 74.07 billion yuan in 2026, and 84.12 billion yuan in 2027, with respective year-on-year growth rates of 17.05%, 16.62%, 13.38%, and 13.56% [1][9] - The projected net profit attributable to shareholders is 1.47 billion yuan in 2024, 2.05 billion yuan in 2025, 2.51 billion yuan in 2026, and 3.02 billion yuan in 2027, with year-on-year growth rates of 36.43%, 39.68%, 22.18%, and 20.68% [1][9] - The earnings per share (EPS) are expected to be 0.80 yuan in 2024, 1.11 yuan in 2025, 1.36 yuan in 2026, and 1.64 yuan in 2027 [1][9]