Great Power(300438) 光大证券·2024-05-04 06:05Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's 2023 revenue was 6.932 billion yuan, a year-on-year decrease of 23.54%, with a net profit attributable to shareholders of 0.43 billion yuan, down 93.14% year-on-year [1] - The company is experiencing pressure on performance due to intensified competition in the energy storage battery market and inventory reduction in household storage [1] - The first quarter of 2024 shows signs of improvement, with revenue of 1.597 billion yuan, a year-on-year decrease of 36.00%, but a quarter-on-quarter increase of 33.86% [1] - The company has a comprehensive product matrix in energy storage and is optimistic about the future of sodium batteries [1] - The company is expanding its global market presence with offices in the US, Germany, Japan, and Indonesia, and has established partnerships to enhance its market reach [1] Summary by Sections Financial Performance - In 2023, the company's lithium-ion battery revenue was 6.397 billion yuan, with a gross margin of 15.75%, down 2.28 percentage points from the previous year [1] - The company recorded a net profit margin of 0.96% in 2023, a decrease of 6.20 percentage points year-on-year [1] - The forecast for net profit attributable to shareholders for 2024 and 2025 has been revised down to 0.427 billion yuan and 0.595 billion yuan, respectively, reflecting a 64% reduction [1] Product Development - The company has developed a complete product matrix for large cylindrical cells, covering capacities from 6Ah to 50Ah, and has launched a 320Ah large-capacity energy storage cell with a cycle life of 12,000 times [1] - Sodium battery products have been developed with energy densities exceeding 145Wh/kg [1] Market Expansion - The company has established a presence in key international markets, including a 1GWh supply for a renewable energy project in Australia and strategic partnerships in Morocco and North America [1] - The annual production capacity for lithium batteries reached 6.772 billion Ah in 2023, with a utilization rate of 61.54% [1]