Ge Long Hui A P P·2025-09-04 09:37Core Viewpoint - Dongwu Securities report indicates that EVE Energy has reached an operational turning point, with expectations for both volume and profit to increase significantly in the future [1] Group 1: Production and Sales - In Q2 2025, EVE Energy shipped 27.3 GWh, representing a quarter-on-quarter increase of 30% and a year-on-year increase of 21% [1] - The production capacity utilization rate reached 90% in June [1] - The company is projected to ship 130 GWh in 2025, a year-on-year increase of over 60%, and 200 GWh in 2026, a year-on-year increase of over 50% [1] Group 2: Profitability - Battery prices have bottomed out, and energy storage is operating at full capacity, contributing to improved profitability [1] - The company expects significant operational improvement in Q3, with the new large cylindrical and large iron-lithium products set to launch in 2026, further enhancing profitability [1] - The energy storage business is anticipated to contribute 7 billion yuan in profit, with profit elasticity expected in 2026-2027 [1] Group 3: Market Position and Strategy - EVE Energy is focusing on differentiated products, with strong orders for large cylindrical and large iron-lithium batteries [1] - The company maintains a target net profit of 4.7 billion yuan for 2025, a year-on-year increase of 16% [1] - Given the rapid growth in shipments, a valuation of 25x for 2026 is applied, leading to a target price of 92 yuan, with a "buy" rating maintained [1]