First Berlin Equity Research has published a research update on 2G Energy AG (ISIN: DE000A0HL8N9). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and increased the price target from EUR 34.00 to EUR 35.00.

Abstract
2G Energy increased its order intake by 37% to €65m in Q4/24. This means that 2G registered a record order intake of €239m in 2024 and exceeded the previous year’s figure of €167m by 43%. The company has narrowed its sales guidance for 2024 to between €370m and €380m (previously: €360m to €390m). We confirm our 2024E sales forecast of €374m. The visibility of sales generation has increased further with the announcement of initial sales guidance for 2026. 2G expects 2026 sales in a range of €440m to €490m. We see even higher sales potential for 2026 and maintain our estimate of €510m (+15% y/y). 2G has confirmed its sales guidance for 2025 (€430m – €450m). We maintain our sales forecast for 2025E of €444m (+19% y/y). We consider the high order intake, the ongoing internationalisation of the business and the expansion of the product range (large heat pumps, demand response motor) to be a very good basis for strong profitable growth in the current and coming year. The share price has risen recently, but we still consider the growth potential to be only partially factored in (upside potential: almost 40%). We have raised our price target from €34 to €35 and reiterate our Buy recommendation.