EVE(SZ:300014) Donghai Securities·2024-08-27 04:51Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 21.66 billion yuan in H1 2024, a year-on-year decrease of 5.73% and a quarter-on-quarter decrease of 16.07%. The net profit attributable to shareholders was 2.14 billion yuan, a year-on-year decrease of 0.64% but a quarter-on-quarter increase of 12.53% [4] - The energy storage segment showed strong performance with revenue of approximately 7.77 billion yuan in H1 2024, a year-on-year increase of 9.93%. The company ranked second globally in energy storage cell shipments in the first half of 2024 [4] - The commercial power battery segment also performed well, with revenue of approximately 8.99 billion yuan in H1 2024, despite a year-on-year decrease of 25.79%. The company launched the Omnicell large cylindrical battery, enhancing its product offerings [4] - The consumer battery segment saw significant growth, with revenue of approximately 4.85 billion yuan in H1 2024, a year-on-year increase of 29.75% and a gross margin of 28.31% [5] - The company is expected to achieve battery shipments exceeding 80 GWh in 2024, with projected revenues of 56.36 billion yuan, 75.23 billion yuan, and 95.65 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 15.53%, 33.49%, and 27.14% [5][6] Summary by Sections Financial Performance - In H1 2024, the company reported a total revenue of 21.66 billion yuan, with a net profit of 2.14 billion yuan and a non-recurring net profit of 1.50 billion yuan [4] - The company’s revenue for Q2 2024 was 12.34 billion yuan, showing a year-on-year increase of 4.68% and a quarter-on-quarter increase of 32.46% [4] Product Segments - The energy storage segment's revenue was approximately 7.77 billion yuan in H1 2024, with a shipment volume of 20.95 GWh, a year-on-year increase of 133.18% [4] - The commercial power battery segment generated approximately 8.99 billion yuan in revenue, with a shipment volume of 13.54 GWh, a year-on-year increase of 7.03% [4] - The consumer battery segment achieved approximately 4.85 billion yuan in revenue, with a gross margin of 28.31% [5] Future Projections - The company is projected to achieve revenues of 56.36 billion yuan in 2024, 75.23 billion yuan in 2025, and 95.65 billion yuan in 2026, with corresponding net profits of 4.71 billion yuan, 6.10 billion yuan, and 7.55 billion yuan [6][7]