GOTION(SZ:002074) Huachuang Securities·2025-11-23 03:44Investment Rating - The report maintains a "Recommended" investment rating for Guoxuan High-Tech (002074) with a target price of 55.49 yuan [1]. Core Insights - The company has demonstrated significant growth in net profit, with a year-on-year increase of 514.35% in the third quarter of 2025, reaching 25.33 billion yuan [6]. - Guoxuan High-Tech is actively investing in solid-state battery technology, with ongoing research and development efforts showing progress [6]. - The company is expanding its production capacity to meet market demand, with plans to increase effective production capacity from approximately 130 GWh to 300 GWh by 2027 [6]. - The report highlights the robust growth in both power and energy storage businesses, with total shipments of approximately 63 GWh in the first three quarters of 2025 [6]. Financial Performance Summary - Total revenue is projected to grow from 35,392 million yuan in 2024 to 67,543 million yuan in 2027, with a compound annual growth rate (CAGR) of 21.4% [2]. - The net profit attributable to the parent company is expected to increase from 1,207 million yuan in 2024 to 3,350 million yuan in 2027, reflecting a significant growth trajectory [2]. - Earnings per share (EPS) is forecasted to rise from 0.67 yuan in 2024 to 1.85 yuan in 2027 [2]. - The price-to-earnings (P/E) ratio is projected to decrease from 57 in 2024 to 20 in 2027, indicating an improving valuation as earnings grow [2]. Business Development and Market Position - The company has successfully onboarded new clients, contributing to business growth, particularly in the high-end passenger vehicle segment and commercial vehicles, especially in the heavy truck sector [6]. - Guoxuan High-Tech's solid-state battery projects are advancing, with the company aiming to complete the design of a 2 GWh production line by the end of the year [6]. - The report emphasizes the company's first-mover advantage in the global supply chain for energy storage and battery technology, positioning it well to benefit from the increasing demand in these sectors [6].