EVE(SZ:300014) Guohai Securities·2024-09-12 06:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The signing of a large energy storage contract demonstrates the company's strong product capabilities and aids in enhancing its global industrial layout [4] - The company has established a long-term stable partnership with American Energy Storage Innovations, Inc. (AESI), increasing the expected delivery of square lithium iron phosphate batteries to approximately 19.5 GWh over the next three years [2][3] - The company's consumer battery business is showing steady growth, with a year-on-year revenue increase of about 30% in the first half of 2024 [4] Summary by Sections Recent Developments - On September 10, 2024, the company's subsidiary signed an amendment to the master purchase agreement with AESI, increasing the supply volume from the previous agreement with American Battery Solutions (ABS) [2][3] Financial Performance - The company reported a year-on-year increase of 133% in energy storage battery shipments in the first half of 2024, with a market share that ranks second globally [4] - Revenue projections for 2024-2026 are estimated at 53.1 billion, 68.5 billion, and 83.5 billion yuan respectively, with net profits expected to be 4.9 billion, 6.5 billion, and 8.0 billion yuan [5][6] Market Position - The company is focused on building a globally competitive all-scenario lithium battery platform, which is expected to further enhance its competitive advantage and solidify its market position [5][6]