EVE(300014) 东吴证券·2024-12-27 05:17Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 70 yuan, corresponding to a PE of 26 times for 2025 [2]. Core Insights - The company is expected to achieve a significant increase in its North American market share for energy storage, projected to reach 5-10% by 2026, driven by the rapid progress of its Malaysian factory and a backlog of orders [1][19]. - The company is anticipated to maintain a strong growth trajectory in energy storage, with expected shipments of 70-80 GWh in 2025, reflecting a growth rate of over 40% [19]. - The company's overseas production capacity is expected to contribute significantly to profitability, with estimates of 5-7 billion yuan in profit from the Malaysian factory by 2026 [1]. Financial Forecasts - Total revenue is projected to grow from 48,784 million yuan in 2023 to 74,718 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 23.52% [1]. - Net profit attributable to shareholders is forecasted to increase from 4,050 million yuan in 2023 to 7,506 million yuan in 2026, reflecting a growth rate of 36.40% [1]. - The earnings per share (EPS) is expected to rise from 1.98 yuan in 2023 to 3.67 yuan in 2026 [1]. Market Position - The company holds the second-largest global market share in energy storage, with a strong competitive advantage in large lithium iron phosphate batteries [19]. - The company is actively expanding its overseas market presence, with expectations of significant volume growth in 2026 [19].