EVE(300014) 群益证券·2024-11-21 05:41Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][12]. Core Insights - The company's lithium battery shipments continue to grow rapidly, with a significant improvement in profitability expected. The company is a leader in the energy storage market, with a year-on-year increase of 115.6% in energy storage shipments in the first three quarters. It is projected to maintain a growth rate of over 30% next year [6][7]. - The company is a leading player in consumer lithium batteries, with stable expansion and high demand for its products. It ranks second globally in energy storage, actively expanding its high-margin overseas customer base [6][7]. - The report forecasts net profits for 2024, 2025, and 2026 to be RMB 40.9 billion, RMB 54.8 billion, and RMB 69.2 billion, respectively, with year-on-year growth rates of +1%, +34%, and +26% [6][8]. Summary by Sections Company Overview - The company operates in the electrical equipment industry, with a current A-share price of RMB 50.10 and a market capitalization of RMB 932.58 billion. The stock has seen a price increase of 5.9% over the past month and 46.5% over the past three months [2][6]. Product Portfolio - The company's product mix consists of power batteries (41.5%), energy storage batteries (35.9%), and consumer batteries (22.4%) [2]. Shipment and Production - In the first three quarters, the company shipped 35.7 GWh of energy storage batteries and 20.7 GWh of power batteries, representing year-on-year increases of 115.6% and 5%, respectively. The company expects to reach a total shipment of 100 GWh next year, with energy storage and power batteries projected to grow by approximately 30% and 10% [7][8]. Profitability Outlook - The company's energy storage business maintained a net profit margin of over 10% in the third quarter, while the profitability of the power battery business faced pressure. The report anticipates a recovery in lithium battery prices next year, which could support the company's profitability [8]. Financial Projections - The report provides detailed financial projections, including net profits and earnings per share (EPS) for the next three years, with corresponding price-to-earnings (P/E) ratios indicating a favorable valuation [11][8].