GOTION(002074) 中邮证券·2024-04-25 01:00Investment 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].