欣旺达：质量回报双提升，再次回购彰显信心

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company has launched a "Quality Return Dual Improvement" action plan, focusing on core business, enhancing technological innovation, and accelerating global expansion to achieve high-quality development [5][6]. - The company aims to improve governance, enhance information disclosure quality, strengthen investor communication, and reinforce investor returns to stabilize market and investor confidence [5][6]. - The company has implemented and plans to execute two share repurchase programs, reflecting confidence in future growth prospects [6]. Summary by Relevant Sections Event Description - The company is committed to deepening its focus on consumer batteries, electric vehicle batteries, and energy storage systems, enhancing competitiveness and optimizing the industrial chain [6]. - It plans to increase R&D investment to drive product and technology innovation for high-quality development [6]. - The company guarantees stable cash dividends while sharing development dividends with shareholders [6]. - The first share repurchase plan was announced in August 2023, with a budget of between RMB 100 million and RMB 200 million, and as of January 31, 2024, it had repurchased 7.0839 million shares, accounting for 0.38% of total shares [6]. - The new repurchase plan will use between RMB 300 million and RMB 500 million, significantly higher than the previous plan, indicating strong confidence in future growth [6]. Financial Data and Forecasts - The company's total revenue for 2022 was RMB 52.162 billion, with projections of RMB 47.500 billion for 2023, RMB 50.445 billion for 2024, and RMB 54.985 billion for 2025 [11]. - The net profit for 2022 was RMB 0.758 billion, expected to rise to RMB 0.852 billion in 2023, RMB 0.954 billion in 2024, and RMB 1.256 billion in 2025 [11]. - The company’s EPS is projected to increase from RMB 0.62 in 2022 to RMB 0.86 in 2025 [11].