EVE(SZ:300014) Ge Long Hui·2025-09-25 08:13Core Viewpoint - EVE Energy is experiencing rapid growth in shipment volumes, with significant increases expected in both energy storage and power battery shipments in the first half of 2025 [1] Group 1: Shipment Growth - In the first half of 2025, energy storage battery shipments are projected to reach 28.71 GWh, representing a year-on-year increase of 37% [1] - Power battery shipments are expected to reach 21.48 GWh in the same period, showing a year-on-year growth of 58.6% [1] - The company anticipates steady growth in power battery shipments in the second half of the year, with energy storage batteries entering a peak delivery season [1] Group 2: Production and Capacity Utilization - The company is currently operating at full production capacity, with a notable increase in capacity utilization this year [1] - The "anti-involution" policy is expected to improve the company's profitability levels gradually [1] Group 3: Client Structure and Product Expansion - The customer structure for passenger vehicles is being optimized, with the company supplying batteries for popular models from Leap Motor and Xpeng starting this year [1] - In 2026, a new generation of BMW electric vehicles equipped with the company's large cylindrical batteries is set to launch globally [1] Group 4: Market Conditions and Valuation - Following the Central Financial Committee meeting in late June, which emphasized the "anti-involution" policy, prices in the lithium battery supply chain have stabilized [1] - The current stock price corresponds to P/E ratios of 34, 22, and 17 for the years 2025, 2026, and 2027 respectively, leading to a "buy" recommendation [1]