Greenway(SH:688345) Haitong Securities·2024-03-05 16:00Investment Rating - The investment rating for the company is "Outperform the Market" [1][28]. Core Insights - The company faced significant pressure on its performance in 2023, with a revenue of 2.235 billion yuan, down 2.86% year-on-year, and a net loss attributable to shareholders of 33.27 million yuan, a decline of 130.19% [3][28]. - The large cylindrical battery business has begun mass production, which is expected to enhance the company's profitability as production capacity and yield improve [4][28]. - The company's energy storage business is rapidly growing, with a revenue of 440 million yuan in the first half of 2023, representing a year-on-year increase of 253.72% [16][28]. Financial Performance Summary - The company's total revenue for 2023 is projected at 2.235 billion yuan, with a net profit forecast of -33 million yuan, followed by a recovery to 113 million yuan in 2024 and 219 million yuan in 2025 [9][28]. - The gross margin is expected to improve from 15.5% in 2023 to 19.5% by 2025 [9][28]. - The company anticipates a revenue growth rate of 27.4% in 2024 and 21.7% in 2025, following a decline of 2.9% in 2023 [17][28]. Business Segment Analysis - The lightweight power lithium battery segment is expected to recover in 2024, with projected revenue growth rates of -27.00%, 30.00%, and 25.00% from 2023 to 2025 [30][28]. - The energy storage battery segment is projected to grow significantly, with expected revenue increases of 80.00%, 50.00%, and 30.00% over the same period [19][28]. - The lithium-ion cell business is anticipated to see revenue growth of -10.00%, 20.00%, and 20.00% from 2023 to 2025, with gross margins improving from 12.00% to 15.00% [31][28].