EVE(SZ:300014) Soochow Securities·2025-04-18 02:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q4 performance of the company met market expectations, with a total revenue of 48.6 billion yuan in 2024, a slight decrease of 0.3% year-on-year, and a net profit attributable to shareholders of 4.1 billion yuan, an increase of 0.6% year-on-year [7] - The energy storage segment continues to experience high demand, with a significant increase in shipments of power storage batteries, reaching 80.7 GWh in 2024, a year-on-year increase of 49% [7] - The company is expected to maintain full production and sales in the energy storage sector, with total shipments projected to reach 115 GWh in 2025, representing a 40% year-on-year growth [7] - The company has revised down its net profit forecasts for 2025 and 2026 due to lower-than-expected demand, now estimating 5.32 billion yuan and 7.26 billion yuan respectively, while introducing a new forecast for 2027 at 9.19 billion yuan [7] Financial Summary - Total revenue for 2024 is projected at 48.6 billion yuan, with a year-on-year growth rate of -0.35% [8] - The net profit attributable to shareholders for 2024 is estimated at 4.08 billion yuan, with a year-on-year growth rate of 0.63% [8] - The earnings per share (EPS) for 2024 is projected to be 1.99 yuan, with a price-to-earnings (P/E) ratio of 19.94 [8] - The company’s gross margin is expected to be 17.41% in 2024, with a net profit margin of 8.38% [8]