GOTION(SZ:002074) EBSCN·2024-04-23 05:32Investment Rating - The report maintains a "Buy" rating for Guoxuan High-Tech (002074.SZ) [2] Core Views - Guoxuan High-Tech achieved a revenue of 31.605 billion yuan in 2023, 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 [2] - The company’s overseas and energy storage revenue doubled in 2023, significantly contributing to rapid revenue growth [2] - The company’s product delivery exceeded 40 GWh, with a year-on-year growth of over 40% [2] - The company’s cash flow improved significantly, with a net operating cash flow of 16.17 billion yuan in 2023, a year-on-year increase of 201.86% [2] - The report predicts a decline in net profit for 2024 and 2025 due to falling raw material prices and intensified industry competition, adjusting the net profit forecast to 1.205 billion yuan and 1.694 billion yuan respectively [2] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 9.827 billion yuan, a year-on-year increase of 13.93% and a quarter-on-quarter increase of 50.27% [2] - The gross profit margin for Q4 2023 was 16.77%, a decrease of 4.04 percentage points quarter-on-quarter and 7.18 percentage points year-on-year [2] - The company’s net profit margin for Q4 2023 was 6.19%, an increase of 4.36 percentage points quarter-on-quarter and a year-on-year increase of 4.15 percentage points [2] Market Position - The company’s market share for power battery installations was 4.10% in 2023, with a strong competitive position in lithium iron phosphate batteries [2] - The customer structure for power batteries has been optimized, with stable deliveries to major clients such as Geely, Chery, and VinFast [2] Research and Development - The company has accelerated its global layout, achieving certification for its UC cell from Volkswagen, and has established a global production capacity of 150 GWh [2] - The energy density of the L600 battery pack system reached 190 Wh/kg [2] Profit Forecast and Valuation - The report adjusts the net profit forecast for 2024 and 2025 to 1.205 billion yuan and 1.694 billion yuan, respectively, and introduces a new forecast for 2026 at 2.201 billion yuan [2] - The current stock price corresponds to a PE ratio of 27, 19, and 15 for 2024, 2025, and 2026, respectively [2]