EVE(SZ:300014) Xin Lang Cai Jing·2025-04-20 06:37Group 1: Financial Performance - In 2024, the company reported a revenue of 48.61 billion yuan, a slight decrease of 0.35% year-on-year, while the net profit attributable to shareholders was 4.076 billion yuan, an increase of 0.63% year-on-year. The non-recurring net profit was 3.162 billion yuan, up 14.76% year-on-year [1] - For Q4 2024, the company achieved a revenue of 14.565 billion yuan, representing a year-on-year increase of 9.89% and a quarter-on-quarter increase of 17.56%. The net profit attributable to shareholders was 0.887 billion yuan, up 41.73% year-on-year but down 15.64% quarter-on-quarter [1] - The gross margin for Q4 2024 was 17.48%, a decrease of 0.24 percentage points year-on-year and a decrease of 1.53 percentage points quarter-on-quarter [1] Group 2: Product and Market Development - The company’s energy storage battery shipments reached 50.45 GWh in 2024, a significant year-on-year increase of 91.90%, securing the second position globally in energy storage cell shipments [1] - The company is advancing its overseas production capacity, with a storage project in Malaysia expected to begin mass production in early 2026, enhancing its global delivery capabilities [2] - The company is diversifying its product offerings, including gel semi-solid batteries for food-grade safety applications, solid-state batteries for hybrid applications, and significant advancements in lithium metal, sodium-ion, and hydrogen fuel cells [2] Group 3: Future Projections - The company is projected to achieve revenues of 62.3 billion yuan, 80.4 billion yuan, and 104.5 billion yuan from 2025 to 2027, with year-on-year growth rates of 28.2%, 28.9%, and 30.0% respectively [3] - The net profit attributable to shareholders is expected to be 5.3 billion yuan, 7 billion yuan, and 8.8 billion yuan for the same period, with growth rates of 29.6%, 31.6%, and 26.1% respectively [3] - The current price-to-earnings ratio is projected to be 15, 12, and 9 times for the years 2025, 2026, and 2027 respectively, reflecting the company's strong overseas capacity and comprehensive product layout [3]