GOTION(SZ:002074)2024-05-07 13:30Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company achieved a net profit attributable to shareholders of RMB 939 million in 2023, representing a year-on-year increase of 201.28% [4]. - The company's revenue for 2023 was RMB 31.61 billion, up 37.11% year-on-year, with a significant increase in both energy storage and overseas business performance [4]. - The report highlights the company's ongoing global expansion, with overseas revenue reaching RMB 6.43 billion, a year-on-year growth of 115.69% [4]. Summary by Sections Financial Performance - In 2023, the company reported a net profit of RMB 939 million, a 201.28% increase from the previous year, and a revenue of RMB 31.61 billion, up 37.11% [4][6]. - The fourth quarter of 2023 saw a remarkable net profit of RMB 647 million, reflecting a year-on-year growth of 300.57% and a quarter-on-quarter increase of 677.57% [4]. - For Q1 2024, the company reported a net profit of RMB 69.14 million, a decrease of 8.56% year-on-year, while the non-recurring net profit turned positive at RMB 10.60 million [7]. Product and Market Development - The company's power battery system business generated RMB 23.05 billion in revenue, a 24.72% increase year-on-year, while the energy storage battery system revenue surged to RMB 6.93 billion, up 97.61% [4][9]. - The total product delivery exceeded 40 GWh in 2023, marking an increase of over 40% year-on-year, with an optimized customer structure including new strategic clients [4][9]. Global Expansion - The company has established a new global layout with production bases in Germany, Indonesia, Thailand, and the Silicon Valley in the USA, with ongoing developments in Vietnam, Chicago, Michigan, Slovakia, Argentina, and Indonesia [4][9]. - The overseas revenue growth indicates a successful penetration into international markets, contributing significantly to the overall revenue [4][9]. Valuation - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to RMB 0.66, 0.93, and 1.26 respectively, with corresponding price-to-earnings ratios of 29.2, 20.8, and 15.4 [4][10].