Greenway(SH:688345) Huaxin Securities·2026-02-27 10:01Investment Rating - The report maintains a "Buy" investment rating for the company [3][6] Core Insights - The company is experiencing a significant performance upturn due to the expansion of its two-wheeled battery business, particularly in the European and Southeast Asian markets, where it has established a stable customer base and is benefiting from the recovery of the electric bicycle market [3] - The company has successfully upgraded its cylindrical battery cells, achieving full production and sales, which has led to increased recognition from strategic customers in the two-wheeled vehicle and battery swapping sectors [4] - The company is projected to turn profitable in 2025, with an expected net profit of approximately 59 million yuan, driven by the growth in electric motorcycle and battery swapping businesses, as well as improved operational efficiency [5] Financial Projections - The company forecasts revenues of 26.8 billion yuan, 32.5 billion yuan, and 38.7 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.58 yuan, 1.04 yuan, and 1.34 yuan [6][9] - The projected growth rates for revenue are 45.4% in 2025, 21.3% in 2026, and 19.1% in 2027, indicating a strong upward trend in financial performance [9] - The company is expected to achieve a return on equity (ROE) of 5.4% in 2025, increasing to 10.5% by 2027, reflecting improved profitability [9]