EVE(300014) 长江证券·2024-11-18 02:33Investment Rating - The report maintains a "Buy" rating for Eve Energy (300014 SZ) [5] Core Views - Eve Energy's Q3 2024 revenue reached 12 39 billion yuan, down 1 30% YoY but up 0 39% QoQ [2][5] - Net profit attributable to shareholders was 1 051 billion yuan, down 17 44% YoY and 1 88% QoQ [2][5] - Non-GAAP net profit grew 11 38% YoY and 25 47% QoQ to 1 001 billion yuan [2][5] - Gross margin improved to 19 01% in Q3, up 3 45 percentage points QoQ and 0 67 percentage points YoY [6] - Energy storage battery shipments reached 14 8GWh in Q3, maintaining full production capacity [6] Financial Performance - For the first three quarters of 2024, Eve Energy achieved revenue of 34 049 billion yuan, down 4 16% YoY [2][5] - Net profit attributable to shareholders was 3 189 billion yuan, down 6 88% YoY [2][5] - Non-GAAP net profit grew 16 00% YoY to 2 5 billion yuan [2][5] - Q3 operating margin was 8 49%, with a slight decline mainly due to reduced investment income [6] - Asset impairment losses narrowed to 9 million yuan in Q3, while credit impairment losses were 14 million yuan [6] Business Segments - Power battery shipments reached 7 2GWh in Q3, with slight sequential growth [6] - Energy storage battery profitability improved due to optimized order structure and scale effects [6] - Small cylindrical batteries maintained high operating rates, while lithium primary batteries showed steady improvement [6] - Power battery business remained near breakeven, affected by declining overseas customer share [6] Future Outlook - Eve Energy's energy storage business is expected to see structural profit improvement with higher-quality orders [7] - Overseas market share in energy storage and system integration is projected to increase, supporting profit recovery in 2025 [7] - The company's power battery overseas customers, small cylindrical battery overseas capacity, and CLS model are promising growth areas [7] - The report forecasts net profits of 4 5 billion yuan for 2024 and 5 8 billion yuan for 2025 [7] Market Data - Current stock price is 51 55 yuan as of November 14, 2024 [9] - Total shares outstanding are 2 04572 billion, with 1 86143 billion A-shares in circulation [9] - 12-month high/low prices are 58 54 yuan and 30 53 yuan respectively [9] - Earnings per share (EPS) is projected to grow from 2 19 yuan in 2024 to 3 59 yuan in 2026 [16]