GOTION(002074) 民生证券·2024-04-21 01:30Investment Rating - The report maintains a "Recommended" rating for Guoxuan High-Tech (002074.SZ) [2] Core Views - The company achieved significant growth in 2023, with total revenue reaching 31.605 billion yuan, a year-on-year increase of 37.11%, and a net profit attributable to shareholders of 0.939 billion yuan, up 201.28% year-on-year [1][2] - In Q1 2024, the company reported revenue of 7.508 billion yuan, a year-on-year increase of 4.61%, but a quarter-on-quarter decrease of 23.60% [1] - The company is accelerating its global strategic layout, with a focus on integrated supply chain development and international expansion [1] Financial Performance Summary - 2023 Financials: - Revenue: 31.605 billion yuan - Net Profit: 0.939 billion yuan - Gross Margin: 16.92% [5][6] - 2024-2026 Forecasts: - Revenue projections: 36.147 billion yuan (2024E), 47.136 billion yuan (2025E), 57.803 billion yuan (2026E) - Net Profit projections: 1.257 billion yuan (2024E), 1.783 billion yuan (2025E), 2.515 billion yuan (2026E) - Expected growth rates: Revenue growth of 14.4% (2024E), 30.4% (2025E), 22.6% (2026E) [2][5] Strategic Developments - The company is enhancing its product capabilities, with significant advancements in battery technology, including the launch of the LMFP L600 battery with a density of 240Wh/kg and a fast charge capability [1] - Guoxuan High-Tech is expanding its mining resource development in regions such as Yichun, Indonesia, and Argentina, and is also investing in battery manufacturing bases in the United States and Thailand [1] - Strategic partnerships have been established with companies like BASF for chemical materials in battery applications and with major automotive manufacturers for lithium iron phosphate battery supply [1]