EVE(SZ:300014) 3 6 Ke·2025-10-24 11:18Core Viewpoint - EVE Energy (300014.SZ) reported strong revenue growth in Q3 2025, with a 35.85% year-on-year increase in revenue to 16.832 billion yuan, and a net profit of 1.211 billion yuan, up 15.13% year-on-year and 140.16% quarter-on-quarter. However, the non-recurring net profit decreased by 22.04% year-on-year [1] Financial Performance - In the first three quarters of 2025, EVE Energy achieved a revenue of 45.002 billion yuan, a 32.17% increase year-on-year, but the net profit decreased by 11.70% to 2.816 billion yuan, with a non-recurring net profit down 22.51% [1] - The company’s battery shipments reached 34.59 GWh for power batteries, a 66.98% increase year-on-year, and 48.41 GWh for energy storage batteries, a 35.51% increase year-on-year, indicating that energy storage battery shipments have surpassed power batteries [1][2] Business Segments - EVE Energy's main business includes consumer batteries, power batteries, and energy storage batteries, positioning it as a leading lithium battery platform globally [2] - The improvement in profitability is attributed to the reduction of one-time costs and the organic growth of core business operations, with a significant increase in operating cash flow by 131.71% year-on-year [3] Market Outlook - Analysts predict that 2025 will be a year of performance reversal for EVE Energy, with expectations of significant profit elasticity in 2026 as production capacity utilization improves and popular vehicle models support profitability [3][4] - The company is expected to achieve a power battery shipment of 38-40 GWh in 2025, with a projected year-on-year growth of approximately 40% [4] Cost and Margin Improvements - The gross margin for power batteries improved significantly due to increased shipments to overseas clients and enhancements in production line efficiency, with a gross margin of 17.60% in the first half of the year, up from 11.45% year-on-year [4][5] - EVE Energy has secured a strategic procurement agreement for 50 GWh of energy storage cells, indicating strong demand in the energy storage market [6] Strategic Partnerships - EVE Energy established a joint venture with Enjie Co., Ltd. to produce lithium-ion battery separators, with an annual capacity of 1.6 billion square meters, indicating a strategic move to enhance its supply chain [7] - A global strategic cooperation framework was signed with Enjie Co., Ltd. for the procurement of battery separators, emphasizing the focus on overseas production bases [7] Recent Developments - A joint venture established in 2023 for mineral processing and metal refining was recently dissolved, raising questions about the strategic direction of EVE Energy [8]