SUNWODA(SZ:300207) Minsheng Securities·2024-04-10 16:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company's 2023 annual report shows a revenue of 47.862 billion yuan, a year-on-year decrease of 8.24%, and a net profit attributable to shareholders of 1.076 billion yuan, a year-on-year increase of 1.17% [2]. - The fourth quarter of 2023 saw a revenue of 13.543 billion yuan, a year-on-year decrease of 13.06%, and a net profit of 273 million yuan, a year-on-year decrease of 27.56% [2]. - The company achieved a significant increase in its energy storage business, with revenue reaching 1.11 billion yuan, doubling year-on-year, and a gross margin of 19.04% [2]. - The company is expanding its production capacity globally, with new factories in Hungary, Morocco, and Vietnam, alongside domestic bases in several provinces [2]. Financial Performance Summary - The company forecasts revenues of 55.847 billion yuan, 65.316 billion yuan, and 74.371 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 16.7%, 17.0%, and 13.9% [3][7]. - The net profit attributable to shareholders is projected to be 1.251 billion yuan, 1.552 billion yuan, and 1.850 billion yuan for the same years, with growth rates of 16.2%, 24.1%, and 19.2% [3][7]. - The company's PE ratios are expected to decrease from 25 in 2023 to 21 in 2024, 17 in 2025, and 14 in 2026 [3][8]. Business Segment Insights - The company's power battery segment achieved a shipment of 11.66 GWh in 2023, generating revenue of 10.795 billion yuan with a gross margin of 11.22% [2]. - The consumer battery segment generated revenue of 28.543 billion yuan in 2023, with a gross margin of 14.91%, despite a year-on-year decline of approximately 11% due to falling raw material prices [2].