SUNWODA(300207) 中银证券·2024-04-19 11:31Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] Core Views - The company achieved a net profit attributable to shareholders of 1.076 billion RMB in 2023, reflecting a year-on-year growth of 0.77% [3][5] - The company's revenue for 2023 was 47.862 billion RMB, a decrease of 8.24% year-on-year, while the net profit excluding non-recurring items was 973 million RMB, up 20.39% year-on-year [3][5] - The report highlights the growth potential in the power battery and energy storage sectors, with energy storage revenue increasing by 144% year-on-year [3][5] - The company is expanding its global footprint with new factories in Hungary, Morocco, and Vietnam, enhancing its international presence [3][5] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 47.862 billion RMB, down 8.24% from 2022 [4][5] - The gross profit for 2023 was 6.986 billion RMB, with a gross margin of 14.6%, an increase of 0.76 percentage points year-on-year [5][7] - The net profit for 2023 was 1.076 billion RMB, with a net margin of 2.2% [5][7] Business Segments - The power battery segment shipped 11.66 GWh in 2023, generating revenue of 10.795 billion RMB, a decrease of 14.91% year-on-year, but with a gross margin of 11.22% [3][5] - The energy storage segment achieved revenue of 1.11 billion RMB, marking a significant growth of 144% year-on-year, although its gross margin decreased to 19.04% [3][5] Future Projections - The report projects revenue growth for 2024 to reach 55.458 billion RMB, representing a growth rate of 15.9% [4][6] - The estimated net profit for 2024 is projected at 1.262 billion RMB, with a growth rate of 17.3% [4][6] - The earnings per share (EPS) is expected to increase to 0.68 RMB in 2024, with a corresponding price-to-earnings (P/E) ratio of 20.9 [4][6]