EVE(SZ:300014) Huachuang Securities·2024-08-31 18:07Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 47.16 CNY compared to the current price of 33.50 CNY [2][6]. Core Views - The company has shown significant growth in energy storage shipments and continuous breakthroughs in technology. The revenue for the first half of 2024 reached 21.37 billion CNY, a year-on-year increase of 5.73%, while net profit attributable to shareholders increased by 19.32% [2][6]. - The energy storage segment has performed exceptionally well, with revenue from this sector approximately 77.74 billion CNY, reflecting a year-on-year growth of 133.18% [2][6]. - The company is expanding its overseas presence, with successful projects in Malaysia expected to commence production by the end of the year, supporting global deliveries [2][6]. Financial Summary - Total revenue for H1 2024 was 21.37 billion CNY, with a net profit of 10.72 billion CNY, marking a 13.77% increase [2][6]. - The company’s market share in energy storage batteries reached 13.59%, ranking second in installed capacity, while the shipment volume for energy storage batteries was 20.95 GWh, a 16.4% increase compared to the previous year [2][6]. - The projected net profits for 2024, 2025, and 2026 are 48.24 billion CNY, 57.36 billion CNY, and 72.40 billion CNY respectively, indicating strong growth potential [2][6]. Key Financial Metrics - The company reported a total revenue of 48.78 billion CNY for 2023, with a projected growth rate of 34.4% [6]. - The net profit for 2023 was 4.05 billion CNY, with an expected increase to 5.736 billion CNY in 2025, reflecting a growth rate of 19.2% [6]. - The earnings per share (EPS) for 2023 was 1.98 CNY, projected to rise to 2.80 CNY by 2025 [6].