GOTION(SZ:002074) Dongxing Securities·2024-04-25 05:30Investment Rating - The report maintains a "Strong Buy" rating for Guoxuan High-Tech [2][4] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 31.605 billion yuan, a year-on-year increase of 37.1%, and a net profit of 939 million yuan, up 201.3% year-on-year [2][4] - The customer structure is continuously optimized, with rapid growth in energy storage shipments, achieving a revenue of 6.932 billion yuan in 2023, nearly doubling year-on-year [2][3] - The company's global strategy is beginning to show results, with overseas revenue reaching 6.428 billion yuan, a year-on-year increase of 115.7%, and overseas revenue accounting for 20.3% of total revenue [3][4] Financial Performance Summary - In 2023, the company reported a gross margin of 16.9%, slightly down by 0.9 percentage points year-on-year, while the first quarter of 2024 showed a gross margin of 17.9% [3] - The net profit margin for 2023 was 3.1%, an increase of 1.5 percentage points year-on-year, while the first quarter of 2024 saw a net profit margin of 0.5% [3] - The company is expected to achieve revenues of 38.480 billion yuan, 48.538 billion yuan, and 58.328 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.102 billion yuan, 1.637 billion yuan, and 2.235 billion yuan [4][8] Future Outlook - The company is projected to maintain strong growth in battery shipments, with expectations of reaching 55 GWh in 2024 [2] - The report highlights the potential for improved profitability due to customer and product structure enhancements, despite short-term pressures from increased market competition [4] - The company's strategic partnerships, including collaborations with major automotive brands, are expected to further enhance its competitive position in the global market [2][3]