EVE(SZ:300014) GF SECURITIES·2024-08-27 03:59Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 33.18 CNY and a reasonable value of 43.34 CNY per share [2]. Core Insights - The company's performance in the first half of 2024 met expectations despite impairment losses, with revenue of 21.659 billion CNY, down 5.73% year-on-year, and a net profit of 2.137 billion CNY, down 0.64% year-on-year. The non-recurring net profit increased by 19.32% year-on-year to 1.499 billion CNY [2][3]. - The steep growth in energy storage battery shipments and the stabilization of the consumer battery segment's operating rate are notable. The energy storage business revenue rose by 9.93% year-on-year to 7.774 billion CNY, with a shipment volume of 20.95 GWh, up 133.18% year-on-year [3]. - The company is expected to benefit from stable pricing in the battery market, particularly in commercial vehicle batteries, and has a strong order backlog for energy storage batteries, which will support overseas market expansion [3]. Financial Summary - For the first half of 2024, the company reported a revenue of 21.659 billion CNY, with a year-on-year decline of 5.73%. The net profit attributable to shareholders was 2.137 billion CNY, down 0.64% year-on-year, while the non-recurring net profit increased by 19.32% to 1.499 billion CNY [2][3]. - The second quarter of 2024 saw revenue of 12.342 billion CNY, a year-on-year increase of 4.68%, and a net profit of 1.072 billion CNY, up 5.97% year-on-year [2][3]. - The company forecasts EPS of 2.17 CNY, 2.78 CNY, and 3.39 CNY for 2024, 2025, and 2026 respectively, with a target PE of 20 times for a reasonable value of 43.34 CNY per share [3].