SUNWODA(SZ:300207) Western Securities·2025-11-04 08:21Investment Rating - The investment rating for the company is "Buy" [5][3]. Core Insights - The company reported a revenue of 43.534 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 13.73%, and a net profit attributable to shareholders of 1.405 billion yuan, up 15.94% year-on-year [1][5]. - In Q3 2025, the company achieved a revenue of 16.549 billion yuan, with a year-on-year increase of 41.51% and a quarter-on-quarter increase of 17.05% [1]. - The gross profit margin for Q3 2025 was 18.54%, reflecting a quarter-on-quarter increase of 3.47 percentage points [1]. - The company is expanding its overseas storage capacity with a new project in Thailand, investing up to 482 million USD to build a facility with a total capacity of 17.4 GWh [2]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a net profit of 1.405 billion yuan, with a quarterly net profit of 550 million yuan in Q3, marking a year-on-year increase of 41.51% [1][3]. - The company’s revenue for 2025 is projected to reach 63.135 billion yuan, with a growth rate of 12.7% [4]. Product Development - The company’s lithium battery revenue reached approximately 2.36 billion yuan in Q3 2025, a year-on-year increase of 46% [2]. - The shipment proportion of silicon-carbon batteries exceeded 20% in Q3 2025, with expectations to increase to over 30% by 2026 [2]. Market Expansion - The company’s dynamic storage battery shipments reached 27 GWh in Q1-Q3 2025, with a target of 40 GWh for the entire year [2]. - The company is focusing on expanding its consumer battery business, with continuous innovation in product offerings [2].