SUNWODA(SZ:300207) NORTHEAST SECURITIES·2025-11-10 06:18Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 43.94 CNY for the next six months, indicating an expected price increase of over 15% compared to the market benchmark [5]. Core Insights - The company has shown steady performance with a revenue of 43.53 billion CNY for the first three quarters of 2025, representing a year-on-year increase of 13.7%. The net profit attributable to shareholders reached 1.41 billion CNY, up 15.9% year-on-year [1]. - The consumer battery business is experiencing robust growth, driven by the AI industry's development, which has led to a noticeable recovery in the consumer battery market. The company is increasing its self-supply rate of consumer battery cells, which is expected to enhance profitability [1][2]. - The company is actively expanding its energy storage business, particularly in electric vehicles and integrated energy storage solutions, establishing strong partnerships with major domestic and international automotive manufacturers [2][3]. - The company is advancing its production capacity and external collaborations, with plans for new manufacturing bases in various countries and a joint venture with a leading automotive company to produce lithium-ion batteries [3]. Financial Summary - The company forecasts revenues of 65.3 billion CNY, 76.8 billion CNY, and 90.6 billion CNY for 2025, 2026, and 2027, respectively, with net profits projected at 2.15 billion CNY, 2.90 billion CNY, and 3.71 billion CNY for the same years [4]. - The earnings per share (EPS) are expected to grow from 0.79 CNY in 2024 to 2.01 CNY in 2027, reflecting a strong growth trajectory [4]. - The company’s net profit margin is projected to improve from 2.6% in 2024 to 4.1% in 2027, indicating enhanced operational efficiency [4].