EVE(SZ:300014) Minsheng Securities·2024-08-24 03:37Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 32.46 yuan [1]. Core Insights - The company achieved a revenue of 21.66 billion yuan in the first half of 2024, a year-on-year decrease of 5.73%, while the net profit attributable to shareholders increased by 19.32% to 1.499 billion yuan [1]. - The company's energy storage battery shipments saw a significant increase of 133.18% year-on-year, reaching 13.54 GWh, and it ranked second in the domestic new energy commercial vehicle installation volume with a market share of 16.4% [1]. - The consumer battery business also showed steady growth, with a total shipment of 20.95 GWh in the first half of 2024, representing a year-on-year increase of 13.59% [1]. Financial Performance Summary - Revenue and net profit for Q2 2024 were reported at 12.34 billion yuan and 1.072 billion yuan, respectively, with a quarter-on-quarter increase of 32.46% and a year-on-year increase of 23.76% [1]. - The gross profit margin for Q2 2024 was 8.85%, with a net profit margin of 4.68% [1]. - The company expects revenue growth rates of 3.6%, 28.1%, and 24.1% for the years 2024, 2025, and 2026, respectively [2]. Market Position and Strategy - The company is enhancing its market position in the energy storage sector and accelerating its overseas expansion through technology licensing and service support [1]. - The company has initiated its first CLS model project, focusing on lithium iron phosphate batteries primarily for commercial vehicles [1]. - The company is also expanding its production capacity for large cylindrical batteries, which are expected to be widely used in various applications, including electric tools and two-wheeled vehicles [1].