GOTION(SZ:002074) Minsheng Securities·2025-08-31 08:51Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [6][13]. Core Insights - The company reported a revenue of 19.394 billion yuan for H1 2025, a year-on-year increase of 15.48%, and a net profit attributable to shareholders of 367 million yuan, up 35.22% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 10.338 billion yuan, representing a year-on-year growth of 11.33% and a quarter-on-quarter increase of 14.17%. The net profit for the same period was 266 million yuan, reflecting a year-on-year increase of 31.68% and a significant quarter-on-quarter rise of 163.37% [2]. - The company continues to innovate in its energy storage business, launching multiple new products, including the LMFP L600 battery cell and the G series solid-state batteries, while also enhancing its product offerings for various storage scenarios [3]. Financial Performance Summary - The company is projected to achieve revenues of 44.594 billion yuan, 59.153 billion yuan, and 73.804 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 26%, 32.6%, and 24.8% [4][5]. - The net profit attributable to shareholders is expected to reach 1.575 billion yuan, 2.818 billion yuan, and 4.108 billion yuan for the same years, with growth rates of 30.5%, 78.9%, and 45.8% [4][5]. - The company's PE ratios are projected to be 42, 23, and 16 for the years 2025, 2026, and 2027, respectively, indicating a favorable valuation trend [4][5].