Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index of over 20% within six months [7]. Core Insights - The company, Guoxuan High-Tech, reported a significant turnaround in 2023, achieving a revenue of 31.605 billion yuan, a year-on-year increase of 37.11%, and a net profit attributable to shareholders of 0.939 billion yuan, up 201.28% [3][4]. - The company has successfully expanded its global presence, with strong growth in energy storage and overseas sales, particularly in the battery sector, where deliveries exceeded 40 GWh, marking a growth rate of over 40% [3]. - The first quarter of 2024 showed a revenue of 7.508 billion yuan, a year-on-year increase of 4.61%, with a net profit of 0.069 billion yuan, reflecting a decrease of 8.56% [3]. Financial Performance - The company’s revenue projections for 2024-2026 are 41.630 billion yuan, 51.017 billion yuan, and 59.471 billion yuan, with expected growth rates of 31.72%, 22.55%, and 16.57% respectively [4][5]. - The net profit attributable to shareholders is forecasted to be 1.364 billion yuan, 1.695 billion yuan, and 2.188 billion yuan for the same period, with growth rates of 45.26%, 24.33%, and 29.07% respectively [4][5]. - The company’s PE ratios for 2024-2026 are projected to be 23.66, 19.03, and 14.75 [4][5]. Market Position and Strategy - The company has optimized its domestic customer structure and established three major business segments in the Americas, Europe, Africa, and Asia-Pacific, with significant contracts from major clients like Volkswagen [3]. - The revenue from energy storage batteries reached 6.9 billion yuan in 2023, representing a year-on-year increase of approximately 98%, and the gross margin for this segment improved to 18.29% [3].

国轩高科20240422_智能速览 2024年04月23日 19:35 关键词 财报 储能 海外业务 电池出货 营收 净利润 现金流 一季度 海外客户 商务战略 整整个行业 毛利率水平 均 价 资本支出 负债率 再融资 海外项目 电池 电芯 固态电池 ● 00:00 公司的战略发展方向和增长逻辑 ● 07:39 四代电芯的主要调整和储能业务 ● 11:20 公司的大方向上面的问题 ● 22:22 电芯成本下降空间大 ● 26:59 介绍产品的材料端的分析 ● 32:47 陈佳林介绍产能投放的节奏 38:46 一季度动力和体能出货情况 ● 46:19 美国项目的进展及时间节点 ● 51:15 费用率改善可行性的讨论 ● 56:17 储能行业的发展情况 问答回顾 发言人 问：公司在2023年的财报中表现如何？公司2024年一季度业绩表现如何？ 发言人 答：在2023年，公司取得了优异的成绩。全年电池出货量达到45GWh，创造了公司历史上的最 佳经营业绩，营收规模突破300亿人民币。具体表现为：营业收入同比增长37%至316.05亿元；实现规模 净利润同比增长200%至9.39亿元；扣非归母净利润同比增长122.5 ...

Investment Rating - The report assigns a "Hold" rating to Guoxuan High-Tech with a target price of RMB 16.70 [1][5] Core Views - Guoxuan High-Tech delivered 45.3 GWh of power and energy storage batteries in 2023, with net profit attributable to the parent company increasing by 201.3% YoY [1] - The company's overseas business is expected to account for 60% of total revenue in 2024, up from 30% in 2023 [1][5] - The report downgrades the target price to RMB 16.70 and the rating to "Hold" due to intensified competition in the domestic battery industry and a higher PEG ratio compared to industry peers [5] Financial Performance - In 2023, Guoxuan High-Tech achieved revenue of RMB 31.605 billion, a 37.1% YoY increase, with a gross margin of 16.9% [1] - The company's 1Q24 revenue was RMB 7.508 billion, with a gross margin of 17.9%, up 0.9 percentage points QoQ [1][2] - Net profit attributable to the parent company in 1Q24 was RMB 69.1 million, down 8.6% YoY and 89.3% QoQ [2] Profit Forecast - The report lowers the 2024-2025 revenue forecasts by 32.0% and 31.2% to RMB 37.805 billion and RMB 47.252 billion, respectively [3] - The 2024-2025 net profit forecasts are reduced by 40.2% and 43.1% to RMB 1.492 billion and RMB 2.127 billion, respectively [3] - For 2026, the company is expected to achieve revenue of RMB 61.471 billion and net profit of RMB 2.945 billion [3] Valuation - The report assigns a 20x P/E ratio for 2024, slightly above the historical average of 18x, resulting in a target price of RMB 16.70 [5] - Guoxuan High-Tech's 2024 PEG ratio is 0.36, higher than the industry average of 0.32 [5] Industry Outlook - The downstream new energy vehicle industry is experiencing a price war, leading to intensified competition in the domestic battery market [5] - The company's overseas business expansion, particularly in the US and Europe, is expected to drive future growth [1][5]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 电气设备 ＃investSuggestion＃ ＃ ＃d 国yCo 轩mp 高any＃科 （ 002074.SZ ） investSug 增持 ( 维ges持tion ）Ch 000 动00 力9 储能 业务高速 ＃ 增tit 长le＃ ， 全 球化进程加速 ange＃ ＃ createTime1＃ 2024年 4月 24日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 事ma 件ry＃ ： 公司 2023 年实现收入 316.05 亿元，同比+37.11%；实现归母净利润 司 日期 2024-04-23 9.39亿元，同比+201.28%；实现扣非归母净利润1.16亿元，同比+122.56%， 点 收盘价（元） 17.76 非经常性损益约8.22亿，主要由政府补贴构成。公司2023Q4实现收入98.27 亿元，同比+13.93%，实现归母净利润6.47亿元，同比+300.43%，扣非后归 评 总股本（百万股） 1785.72 母净利润0.65亿元，同比+142.07%。公司2024年Q1实现收入75.08亿元 ...

证券代码：002074 证券简称：国轩高科 公告编号：2024-032 （一）本次对外担保进展情况介绍 根据经营发展需要，国轩高科股份有限公司（以下简称"公司"）与银行等 金融机构于近日签署相关对外担保合同，为公司全资或控股子公司融资授信等提 供对外担保。具体情况如下： | 序 | 被担 | 担保额度 | 授信单位 | 担保 | 担保期间 | 合同签订 | | --- | --- | --- | --- | --- | --- | --- | | 号 | 保方 | （万元） | | 方式 | | | | 1 | 合肥国轩 | 30,000.00 | 中国银行股 份有限公司 合肥蜀山支 | 连带责任 保证 | 主 债 权 的 清 偿 | 《保证合同》 （合同编号：2024 年司保 字 24G020 号） | | | | | | | 期 届 满 之 日 起 | | | | | | | | 三年 | | | | 高科动力 | | 行 | | | | | 2 | 能源有限 公司 | | 中国工商银 公司合肥蜀 | | 自 主 债 务 合 同 | 《最高额保证合同》（合同 年 编号：0130200022-2024 | ...

2024年4月23日 公司研究 业绩高速增长，全球化布局加速 ——国轩高科（002074.SZ）2023 年年报及 2024 年一季报点评 要点 买入（维持） 事件：国轩高科2023年营业收入为316.05亿元，同比增长37.11%；实现归 当 前价：18.07元 母净利润9.39亿元，同比增长201.28%；实现扣非归母净利润1.16亿元，同 作者 比扭亏。单季度来看，23Q4公司营业收入为98.27亿元，同比增长13.93%， 分析师：殷中枢 环比增长50.27%；实现归母净利润6.47亿元，同比增长300.57%，环比增长 执业证书编号：S0930518040004 677.57%；实现扣非归母净利润0.65亿元，同比扭亏，环比增长325.32%。 010-58452063 公司 24Q1 营业收入为 75.08 亿元，同比增长 4.61%，环比下降 23.60%；实 yinzs@ebscn.com 现归母净利润 0.69 亿元，同比下降 8.56%，环比下降 89.31%；实现扣非归母 分析师：陈无忌 净利润0.11亿元，同比扭亏，环比下降83.81%。 执业证书编号：S0930522070001 2 ...

Industry and Company Overview * **Company**: Guoxuan High-Tech Co., Ltd. (国轩高科) * **Industry**: Battery Industry, specifically focusing on lithium-ion batteries for electric vehicles (EVs) and energy storage systems (ESS). * **Key Points**: * **2023 Performance**: Achieved revenue of 31.6 billion yuan, a 37% increase year-on-year, and net profit of 939 million yuan, a 200% increase. * **2024 Q1 Performance**: Revenue of 7.58 billion yuan, a 4.61% increase year-on-year, and non-GAAP net profit of 195.26 million yuan. * **Strategic Focus**: * **Expanding Overseas**: Focus on building overseas capacity and increasing revenue from the Americas and Europe. * **Collaboration with Volkswagen**: Deepening collaboration with Volkswagen for EV battery supply. * **Domestic Market Expansion**: Developing third and fourth-generation battery cells to capture a larger market share in the B-segment EV market. Battery Cell Development * **Third-Generation Cells**: * Based on previous generations, designed for B-segment and above EVs. * Products like L300 and 46-series cylindrical cells are in development and expected to be mass-produced in Q2-Q3 2024. * Aimed at meeting current C-to-P requirements and expanding market share in the B-segment EV market. * **Fourth-Generation Cells**: * Based on third-generation cells, with improved energy density and fast-charging capabilities. * Targeted at the fast-charging market, with a charging time of 10 minutes from 10% to 80%. * Production line construction has started, with plans to achieve small-scale production by the end of 2024. Market and Competitive Landscape * **Price War**: The industry is facing a price war, but Guoxuan High-Tech believes it can maintain a reasonable gross margin through cost control and product quality improvement. * **Cost Reduction**: The company is focused on reducing material costs, optimizing design, and improving manufacturing efficiency to achieve cost reduction. * **Solid-State Batteries**: Guoxuan High-Tech is developing semi-solid and solid-state battery technologies, but expects cost reduction to be a key challenge for widespread adoption. Other Key Points * **Overseas Expansion**: The company is investing heavily in overseas capacity expansion, with projects in the US and Europe. * **Storage Business**: The storage business is expected to be a significant growth driver, with a focus on improving battery life and reducing costs. * **Other Business Segments**: The company is also exploring new business segments, such as research and development services and technology licensing for overseas projects.

Investment Rating - The report maintains a "Recommended" rating for Guoxuan High-Tech (002074.SZ) [2] Core Views - The company achieved significant growth in 2023, with total revenue reaching 31.605 billion yuan, 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 [1][2] - In Q1 2024, the company reported revenue of 7.508 billion yuan, a year-on-year increase of 4.61%, but a quarter-on-quarter decrease of 23.60% [1] - The company is accelerating its global strategic layout, with a focus on integrated supply chain development and international expansion [1] Financial Performance Summary - **2023 Financials**: - Revenue: 31.605 billion yuan - Net Profit: 0.939 billion yuan - Gross Margin: 16.92% [5][6] - **2024-2026 Forecasts**: - Revenue projections: 36.147 billion yuan (2024E), 47.136 billion yuan (2025E), 57.803 billion yuan (2026E) - Net Profit projections: 1.257 billion yuan (2024E), 1.783 billion yuan (2025E), 2.515 billion yuan (2026E) - Expected growth rates: Revenue growth of 14.4% (2024E), 30.4% (2025E), 22.6% (2026E) [2][5] Strategic Developments - The company is enhancing its product capabilities, with significant advancements in battery technology, including the launch of the LMFP L600 battery with a density of 240Wh/kg and a fast charge capability [1] - Guoxuan High-Tech is expanding its mining resource development in regions such as Yichun, Indonesia, and Argentina, and is also investing in battery manufacturing bases in the United States and Thailand [1] - Strategic partnerships have been established with companies like BASF for chemical materials in battery applications and with major automotive manufacturers for lithium iron phosphate battery supply [1]

国轩高科股份有限公司2023年年度报告全文 国轩高科股份有限公司 2023 年年度报告 ...

国轩高科股份有限公司 审计报告 苏亚审〔2024〕654 号 审计机构：苏亚金诚会计师事务所(特殊普通合伙) 办公地址：南京市建邺区泰山路 159 号正太中心 14-16 层 邮 编：210019 传 真：025-83235046 电 话：025-83235002 网 址：www.syjc.com 电子信箱：info@syjc.com 苏亚金诚会计师事务所( 特 殊 普通合伙) 苏 亚 审〔2024〕654 号 审 计 报 告 国轩高科股份有限公司全体股东： 一、审计意见 我们审计了国轩高科股份有限公司（以下简称国轩高科）财务报表，包括 2023 年 12 月 31 日的合并资产负债表及资产负债表，2023 年度的合并利润表及利润表、合并 现金流量表及现金流量表、合并所有者权益变动表及所有者权益变动表以及相关财务 报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允 反映了国轩高科 2023 年 12 月 31 日的财务状况以及 2023 年度的经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会 计师对财务报表审计 ...