GOTION(SZ:002074) China Post Securities·2025-09-16 03:35Investment Rating - The investment rating for the company is "Accumulate" and is maintained [1] Core Views - The company reported a significant increase in shipments and is making orderly progress in solid-state battery development [4] - In H1 2025, the company achieved revenue of 19.394 billion yuan, 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 [4] - The company is focusing on innovation and R&D, with a reported R&D investment of 1.382 billion yuan in H1 2025, a year-on-year increase of 13.34% [5] Financial Performance - In H1 2025, the company shipped approximately 40 GWh, a year-on-year increase of about 48% [5] - The revenue from power products was 14.034 billion yuan, up 19.94% year-on-year, with a gross margin of 14.24%, an increase of 2.16 percentage points [5] - The company expects revenues of 45.050 billion, 56.908 billion, and 69.227 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 27.29%, 26.32%, and 21.65% [6][8] Profitability Forecast - The forecasted net profit attributable to shareholders for 2025, 2026, and 2027 is 1.547 billion, 2.435 billion, and 3.241 billion yuan, respectively, with growth rates of 28.23%, 57.37%, and 33.07% [6][8] - The projected PE ratios for 2025, 2026, and 2027 are 53.62, 34.07, and 25.61, respectively [6][8]