Great Power(300438) 平安证券·2025-04-26 08:25Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 22.67 yuan [1]. Core Views - The company faces short-term profit pressure due to intense competition in the lithium battery market, but new products and international expansion provide growth potential [1][5]. - In 2024, the company achieved operating revenue of 7.961 billion yuan, a year-on-year increase of 14.83%, but reported a net loss of 252 million yuan, primarily due to fierce price competition in the lithium battery market [5][9]. - The company plans not to distribute cash dividends or issue bonus shares [5]. Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 1.690 billion yuan, a year-on-year increase of 5.83%, with a net loss of 45 million yuan [5]. - The gross profit margin for 2024 was 12.80%, down from 16.51% in 2023, while the gross profit margin for Q1 2025 showed a slight recovery to 14.19% [9]. - The company recorded significant asset impairment losses of 412 million yuan in 2024, which accounted for 5.18% of revenue [9][10]. Market Position and Strategy - The company ranks among the top 9 globally in lithium battery shipments and is positioned as the second in commercial energy storage systems in China [12]. - The company is actively developing new products, including solid-state batteries and large cylindrical cells, and has made progress in various advanced technologies [12]. - The company is expanding its international presence with offices in multiple countries, including the USA, Germany, and Japan, and has established a product integration base in Vietnam [12]. Future Outlook - The report projects a decline in net profit forecasts for 2025 and 2026 to 140 million yuan and 250 million yuan, respectively, due to uncertainties in domestic and international demand [12]. - The company is expected to maintain a focus on strengthening its energy storage business while exploring new markets in consumer and power sectors [12].