EVE(300014) 甬兴证券·2024-11-27 13:06Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE ratio of 21/17/15 for 2024-2026 [3][6] Core Viewpoints - The company has a strong presence in the power and energy storage battery markets, with competitive advantages in the consumer battery sector [3] - The company's revenue and net profit have shown consistent growth, with 2023 revenue reaching 48.78 billion yuan, a 34% YoY increase, and net profit reaching 4.05 billion yuan, a 15% YoY increase [2] - The company has a solid technological foundation, with significant R&D investment of 2.87 billion yuan in 2023, accounting for 5.88% of revenue, and a global business layout with 5 R&D centers, 8 sales offices, and 14 production bases [2][3] Industry Overview - The global new energy vehicle market is expected to grow, with sales projected to reach 18.3 million units in 2024, a 25% YoY increase [2] - The energy storage market is experiencing rapid growth, with China's new energy storage installation expected to grow at a CAGR of 45% from 2024 to 2028, reaching 220.9GW by 2028 [2] - The consumer battery market is expected to grow moderately, with global market size projected to reach 22.15 billion by 2029, with a CAGR of 7.47% [2] Company Highlights - The company has a strong technological barrier, with 76 industry standards participated in, including 8 national standards, and a significant R&D team of 5,291 people, accounting for 19.35% of the total workforce [2] - The company's global business strategy includes global manufacturing, delivery, and service, with a presence in multiple regions including Europe, Southeast Asia, and North America [2][25] - The company's revenue is diversified across power batteries (49%), energy storage batteries (33%), and consumer batteries (17%), with gross margins of 14%, 17%, and 24% respectively [31][35] Financial Projections - The company's revenue is projected to grow to 55.1/64.3/75.3 billion yuan in 2024-2026, with net profit expected to reach 4.7/5.7/6.7 billion yuan, representing a growth rate of 13%/17%/17% [3][93] - The company's gross margin is expected to remain stable at around 18% for 2024-2026, with a net margin of 9.3%/9.7%/9.8% [93][97]