GOTION(SZ:002074) INDUSTRIAL SECURITIES·2024-04-24 05:32Investment Rating - The report maintains an "Accumulate" rating for the company [2][3] Core Views - The company achieved a revenue of 31.605 billion yuan in 2023, representing a year-on-year growth of 37.11%, and a net profit attributable to shareholders of 939 million yuan, up 201.28% year-on-year [3] - The company is experiencing high growth in its power, energy storage, and overseas business segments, with significant revenue increases noted [3] - The company is actively deepening its global industrial layout, establishing production bases in multiple regions, and has formed a global capacity of 150GWh [3] - The outlook for 2024-2026 suggests continued optimization of customer structure and potential rapid growth in shipments and profit recovery, with projected net profits of 969 million yuan, 1.427 billion yuan, and 1.747 billion yuan respectively [3] Financial Summary - In 2023, the company reported a gross margin of 16.9%, which is expected to improve to 19.3% by 2026 [2][3] - The return on equity (ROE) for 2023 was 3.7%, projected to rise to 6.2% by 2026 [2][3] - The earnings per share (EPS) for 2023 was 0.53 yuan, with forecasts of 0.54 yuan, 0.80 yuan, and 0.98 yuan for the years 2024, 2025, and 2026 respectively [2][3]