GOTION(SZ:002074) Dongxing Securities·2024-05-21 11:00Investment Rating - The report maintains a "Strong Buy" rating for Guoxuan High-Tech [2][7][18] Core Viewpoints - Guoxuan High-Tech has launched three significant new products: the all-solid-state "Jinshi Battery," the 5C ultra-fast charging "Gke Battery," and the high-nickel ternary large cylindrical "Xingchen Battery," which are expected to expand and optimize the customer structure [1][2] - The all-solid-state "Jinshi Battery" boasts an energy density of 350Wh/kg, exceeding mainstream ternary batteries by over 40%, and has a cycle life of over 3,000 times, indicating a strong performance in safety and longevity [1][2] - The company has been developing solid-state battery technology since 2017 and aims to achieve small-scale trials by 2027 and mass production by 2030, targeting applications in the low-altitude economy, particularly in eVTOL [1][2] - The introduction of the 5C ultra-fast charging "Gke Battery" and the high-nickel ternary "Xingchen Battery" enhances the product matrix, allowing coverage of both pure electric and extended-range vehicles, aligning with the company's strategy to target high-end models [2][8] Financial Forecasts - The company is projected to achieve a net profit attributable to shareholders of 1.102 billion, 1.637 billion, and 2.235 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 33x, 22x, and 16x [2][8] - Revenue is expected to grow from 31.605 billion yuan in 2023 to 58.328 billion yuan in 2026, reflecting a compound annual growth rate [8][10] Product Development and Market Position - The new products are designed to meet diverse customer needs, with the "Gke Battery" already capable of mass production and the "Xingchen Battery" expected to begin mass production in Q4 [2][8] - The company has established a solid foundation in solid-state battery technology, which is anticipated to enhance its competitive edge in the market [1][2]