GOTION(SZ:002074) Huaan Securities·2025-09-01 14:19Investment Rating - The investment rating for Guoxuan High-Tech is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 19.394 billion yuan in the first half of 2025, representing a year-on-year growth of 15.48%, with a net profit attributable to shareholders of 367 million yuan, up 35.22% year-on-year [6] - The gross margin for the core business of power batteries improved to 14.24%, an increase of 2.16 percentage points year-on-year, while the overall net profit margin rose to 1.89%, up 0.28 percentage points year-on-year [6] - The company is focusing on high-end automotive markets and has established strategic partnerships to enhance its product offerings and market presence [7][9] Summary by Sections Power Battery Business - In the first half of 2025, the power battery segment generated revenue of 14.034 billion yuan, a year-on-year increase of 19.94%, with its revenue share rising from 69.67% to 72.37% [7] - The global market share for power battery installations reached 3.6%, up 1 percentage point year-on-year, with a domestic market share of 5.18%, ranking fourth [7] Energy Storage Battery Business - The energy storage battery systems achieved revenue of 4.562 billion yuan, a year-on-year growth of 5.14%, with the company ranking seventh globally in energy storage battery shipments [8] - The company has made significant strides in localizing production in overseas markets, including a 5MWh liquid-cooled energy storage system produced in Germany [8] Solid-State Battery Development - The company has made rapid advancements in solid-state battery technology, achieving an energy density of 350Wh/kg for its "Jinshi All-Solid-State Battery" [9] - The first experimental line for solid-state batteries has been successfully completed, and the company is expanding its global footprint with new production bases planned in Morocco, Slovakia, and the United States [9] Financial Projections - The projected net profits for 2025, 2026, and 2027 are 1.691 billion yuan, 2.521 billion yuan, and 3.363 billion yuan respectively, with corresponding P/E ratios of 43, 29, and 22 [10] - Revenue forecasts for the years 2024 to 2027 are 35.392 billion yuan, 40.482 billion yuan, 52.207 billion yuan, and 68.537 billion yuan, with year-on-year growth rates of 12.0%, 14.4%, 29.0%, and 31.3% respectively [13]