Gotion High Tech (002074.SZ): Key Takeaways from China ESS and Battery Chain Tour

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Gotion High Tech (002074.SZ): Key Takeaways from China ESS and Battery Chain Tour

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20 Jul 2026 05:03:53 ET │ 10 pages

Gotion High Tech (002074.SZ)

Key Takeaways from China ESS and Battery Chain Tour

CITI'S TAKE

Buy We hosted the 2026 China ESS and Battery Chain Tour and met with Mr.

Liu Shenghua, IR Director, and Mr. Liu Qinfeng, Vice President of the IR Price (20 Jul 26 15:00) Rmb27.000

department, Gotion High Tech on 15th Jul. The battery shipment is Target price Rmb42.700

~65GWh in 1H26, with fully capacity utilization ratio for ESS battery and Expected share price return 58.1%

~70% utilization ratio for EV battery. The full year battery shipment Expected dividend yield 0.4%

guidance remains at 150GWh, including ~45GWh ESS battery. Key Expected total return 58.5%

takeaways are as follows.

Market Cap Rmb48,998M

US$7,238M

Battery shipment – The battery shipment is ~65GWh in 1H26, with fully capacity

utilization ratio for ESS battery and ~70% utilization ratio for EV battery. The full

year battery shipment guidance remains at 150GWh, including ~45GWh ESS

battery. Gotion expects the battery output in 2H26E will be stronger HoH because of Jack Shang, CFAAC

export VAT rebate cut off by year end. +852-2501-2441

jack.shang@citi.com

Anna Wang

Battery capacity – Effective battery capacity was ~150GWh at YE2025, including +852-2501-2739

~30GWh ESS battery capacity. Gotion has planned 40GWh ESS battery capacity anna.d.wang@citi.com

addition, which will be in operation within 2026E and volume contribution mainly in Jimmy Feng

2027E. Mgmt. expects effective capacity to reach 260GWh in YE2026E, including jimmy.feng@citi.com

40GWh ESS battery capacity addition and 70GWh EV battery capacity addition Cynthia Wu

during the year. cynthia.d.wu@citi.com