Western Securities: First to give a "buy" rating to Guoxuan High-Tech, optimistic about the company's long-term growth prospects.

The research report of China Western Securities points out that Guoxuan High-Tech's customer structure is continuously optimized, with the proportion of B-class and above models continuously increasing. Volkswagen Group, as the largest shareholder, empowers the long-term growth of the business, and the solid-state "Lithium" battery production line has been completed. The company's long-term growth potential is promising, first time coverage, and a "buy" rating is given. The company is strategically focusing on solid-state "Lithium" batteries, with the completion of the 0.2GWh production line, leading in the industry. The construction of GYunzhun solid-state battery production capacity is progressing steadily, and the Qiuchen second-generation battery is the world's first LMFP supercharged battery in mass production for vehicles. The Ghang super heavy-duty truck standard box single pack battery has a capacity of 116kWh, with megawatt-level rapid charging capability. Since 2021, the proportion of B-class and above high-end models has steadily increased, with 5 out of the top 15 models in Q1 2025 being B-class and above, a historical high for the company. These models account for 15% of the company's battery shipment volume, and with the continuous improvement in customer structure, the company's profitability is expected to continue to increase.