EVE(SZ:300014) Xin Lang Cai Jing·2025-10-24 10:35Core Viewpoint - The company reported strong Q3 results with revenue of 16.832 billion yuan, a year-on-year increase of 35.9% and a quarter-on-quarter increase of 9.5%, while net profit attributable to shareholders was 1.211 billion yuan, up 15.1% year-on-year and 140.2% quarter-on-quarter, although it fell short of previous expectations due to one-time charges [1] Group 1: Financial Performance - Q3 revenue reached 16.832 billion yuan, reflecting a year-on-year growth of 35.9% and a quarter-on-quarter growth of 9.5% [1] - Net profit attributable to shareholders was 1.211 billion yuan, with a year-on-year increase of 15.1% and a quarter-on-quarter increase of 140.2% [1] - Adjusted net profit, excluding one-time charges, was 1.457 billion yuan for Q3 [1] Group 2: Business Segments Power Business - Power battery shipments in Q3 were 13.1 GWh, a quarter-on-quarter increase of 16%, with a gross margin exceeding 17% [1] - The commercial vehicle sector is expected to see significant growth, with a projected doubling in 2026 [1] - The company anticipates a gross margin of 20% for the power business in the coming year, indicating substantial improvement [1] Energy Storage - Energy storage battery shipments in Q3 reached 19.7 GWh, a quarter-on-quarter increase of 23%, with gross margin recovering to over 12% [2] - The company has introduced 30 GWh of external production capacity to meet demand, with domestic prices for energy storage batteries beginning to rise [2] - The export ratio of energy storage batteries reached 18% in Q3, with a target of over 25% for the next year [2] Solid-State Batteries - The company is making progress in solid-state battery technology, with a production base set to be completed by December 2025 [3] - The first solid-state battery product has been successfully launched, targeting high-end applications [3] - The company is also exploring semi-solid-state battery technology, indicating a strategic focus on future growth in this area [3] Group 3: Future Outlook - The company maintains a "buy" rating, with revised profit expectations for 2025-2027, projecting net profits of 4.504 billion, 8.273 billion, and 9.714 billion yuan respectively [4] - The target price has been adjusted to 96.96 yuan, reflecting a PE ratio of 24 for 2026 [4] - The company expects to benefit from improved customer conditions and increased production capacity in the coming years [4]