EVE(SZ:300014) Xin Lang Cai Jing·2025-04-21 04:35Core Insights - The company reported a total revenue of 48.615 billion yuan for 2024, 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 [1] - The fourth quarter of 2024 saw 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% [1] - The growth in Q4 2024 was primarily driven by the increase in sales of power batteries, leading to improved profitability [1] Revenue Breakdown - Energy storage batteries generated 19 billion yuan in revenue for 2024, a year-on-year increase of 16%, with a shipment of 50.45 GWh, up 91.90% [2] - Power batteries had a revenue of 19.2 billion yuan in 2024, a decrease of 20%, with shipments of 30.29 GWh, an increase of 8% [2] - Consumer batteries achieved a revenue of 10.3 billion yuan in 2024, a year-on-year increase of 23% [2] Profitability Metrics - The gross margin for energy storage batteries was 14.96% in the second half of 2024, showing a slight increase [2] - The gross margin for power batteries improved significantly to 16.6%, up 5.2 percentage points quarter-on-quarter [2] - The gross margin for consumer batteries was 26.93% in the second half of 2024, a slight decrease of 1.4 percentage points [2] New Market Developments - The company is actively expanding into new markets such as BBU data center backup, eVTOL, drones, and humanoid robots [3] - The development of all-solid-state batteries is progressing, with a pilot line expected to be operational in 2025 [3] - The company plans to launch high-power all-solid-state batteries for hybrid power applications in 2026 [3] Financial Forecasts - The company has adjusted its net profit forecasts for 2025 and 2026 to 5.317 billion yuan and 6.769 billion yuan, respectively, reflecting a downward adjustment of 12% and 6% [3] - The current stock price corresponds to a price-to-earnings ratio of 15, 12, and 10 for the years 2025, 2026, and 2027, respectively [3] - The company maintains a "buy" rating due to strong competitiveness in energy storage products and the potential for profit growth from power battery sales [3]