EVE(SZ:300014) Xin Lang Cai Jing·2025-08-24 06:38Core Viewpoint - The company reported a revenue of 28.2 billion yuan for the first half of 2025, a year-on-year increase of 30%, while the net profit attributable to shareholders was 1.605 billion yuan, a year-on-year decrease of 25% [1] Revenue and Profit Analysis - In 25H1, the company achieved a revenue of 28.2 billion yuan, with a net profit of 1.605 billion yuan, and a non-recurring net profit of 1.157 billion yuan, reflecting a year-on-year decrease of 23% [1] - In 25Q2, the revenue was 15.4 billion yuan, a year-on-year increase of 25% and a quarter-on-quarter increase of 20%, while the net profit was 504 million yuan, a year-on-year decrease of 53% and a quarter-on-quarter decrease of 54% [1] Battery Segment Performance - Power Battery: In 25H1, revenue reached 12.7 billion yuan, a year-on-year increase of 42%, with shipments of 21.48 GWh, a year-on-year increase of 59%. The average price was 0.59 yuan/Wh, with a gross margin of 17.60% [1] - Energy Storage Battery: In 25H1, revenue was 10.3 billion yuan, a year-on-year increase of 32%, with shipments of 28.71 GWh, a year-on-year increase of 37%. The average price was 0.36 yuan/Wh, with a gross margin of 12.03% [2] - Consumer Battery: In 25H1, revenue was 5.1 billion yuan, a year-on-year increase of 5%, with a gross margin of 26.68% [2] New Developments - The company has successfully developed a prototype of Ah-level sulfide-based solid-state batteries, with a pilot line expected to be operational by 2025 [2] - The lithium metal battery system is designed to meet the extreme demands of low-altitude unmanned aerial vehicles, with significant energy density improvements [2] Profit Forecast and Valuation - The company adjusted its profit forecast for 2025 down by 11% to 4.71 billion yuan, while increasing the forecasts for 2026 and 2027 by 2% and 8% respectively [3] - The current stock price corresponds to a PE ratio of 21/14/11 for the years 2025, 2026, and 2027 [3] - The company maintains a strong competitive position in energy storage batteries, with growth potential in power batteries and positive demand in consumer batteries, sustaining a "buy" rating [3]