GOTION(002074) 民生证券·2024-02-05 16:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [2]. Core Views - The company aims to enhance shareholder value through a "long-term, stable, and sustainable" return mechanism, focusing on cash dividends and share buybacks to boost investor confidence [1]. - The company has reported strong earnings forecasts for 2024, expecting revenue between 31 billion to 33 billion and net profit between 800 million to 1.1 billion, reflecting significant year-on-year growth [1]. - The company is actively expanding its vertical integration in the lithium battery supply chain, securing upstream lithium mining rights and increasing self-supply ratios to reduce costs [1]. - The company is rapidly expanding its overseas market presence, establishing production bases in various countries and collaborating with international clients [1]. Summary by Sections Shareholder Returns - The company has implemented three share buyback plans since 2018, repurchasing a total of 33,513,528 shares for 678 million [1]. - Over the past five years, total cash dividends (including buybacks) amount to 850 million, representing 41.81% of cumulative net profit [1]. Performance Forecast - The company expects revenues of 317.38 billion, 344.56 billion, and 441.48 billion for 2023-2025, with year-on-year growth rates of 37.7%, 8.6%, and 28.1% respectively [2]. - Projected net profits for the same period are 9.15 billion, 11.86 billion, and 13.20 billion, with growth rates of 193.6%, 29.7%, and 11.3% [2]. Cost Reduction and Production Capacity - The company has increased its self-supply ratio by producing 20,000 tons of lithium iron phosphate cathode materials and 5,000 tons of anode materials [1]. - The total battery cell production capacity is approximately 115 GWh, expected to reach 178 GWh by the end of 2024 [1]. International Expansion - The company is one of the fastest domestic battery manufacturers to expand overseas, with plans for a 40 GWh lithium battery base in Illinois and a battery materials project in Michigan [1]. - Current international clients include major companies such as Volkswagen, Bosch, Rivian, and TATA [1].