EVE(SZ:300014) Xin Lang Cai Jing·2025-10-28 00:42Core Insights - The company maintains its annual shipment target of 130GWh for energy storage and power batteries, with expected shipments of approximately 80GWh and 50GWh respectively [1] - The company has experienced significant revenue growth, with a 32.2% year-on-year increase in revenue for the first three quarters of 2025, reaching 45 billion RMB [1] - The company is benefiting from strong demand in the energy storage sector, with a 104% year-on-year increase in new bidding scale in China for energy storage from January to August 2025 [1] Group 1: Revenue and Shipment Performance - In Q3 2025, the company's revenue reached 16.83 billion RMB, representing a 35.8% year-on-year growth [1] - The total shipment volume for energy storage and power batteries in the first three quarters was 48.4GWh and 34.6GWh, reflecting year-on-year increases of 35.5% and 67.0% respectively [1] - The company aims to fully utilize production capacity and maintain sales momentum [1] Group 2: Profitability and Financial Performance - The gross margin for power batteries in Q3 was 13.7%, down 5.3 percentage points year-on-year, primarily due to a rebate policy that reduced revenue by 530 million RMB [2] - Excluding the impact of rebates, the gross margin for power batteries remained stable at 17%-18%, while the gross margin for energy storage batteries improved by 2 percentage points to 12% [2] - The net profit attributable to the parent company in Q3 was 1.21 billion RMB, a 15.1% year-on-year increase, with a net profit margin of 7.2% [2] Group 3: Future Outlook and Capacity Expansion - The company is accelerating overseas capacity construction to mitigate tariff impacts, with a consumer battery factory in Malaysia expected to start production in Q1 2025 [3] - The net profit forecast for 2025 has been slightly revised down by 4% to 4.2 billion RMB, while the net profit forecasts for 2026 and 2027 have been raised by 11% and 15% to 7.06 billion RMB and 8.95 billion RMB respectively [3] - The target price has been adjusted upwards to 94.7 RMB based on the DCF model, maintaining a buy rating [3]