EVE(SZ:300014) Zhongyuan Securities·2025-04-21 11:44Investment Rating - The report maintains an "Accumulate" investment rating for the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [12]. Core Views - The company's performance in 2024 met expectations, with revenue of 48.615 billion yuan, a slight decrease of 0.35% year-on-year, and a net profit of 4.076 billion yuan, showing a growth of 0.63% year-on-year [7][12]. - The company is positioned well within the growing global electric vehicle market, with significant increases in both production and sales of power batteries and energy storage solutions anticipated for 2025 [7][9]. - The report highlights the company's strong growth in energy storage battery shipments, which increased by 91.90% year-on-year in 2024, contributing to 39.14% of total revenue [7][9]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 48.615 billion yuan, with a net profit of 4.076 billion yuan and a basic earnings per share of 1.99 yuan [7][12]. - The operating cash flow decreased by 48.90% year-on-year to 4.433 billion yuan, indicating challenges in cash generation [7]. Market Position and Growth - The global sales of new energy vehicles reached 13.6858 million units in 2023, with a projected growth of 25.98% in 2024 [7]. - The company ranked 9th globally in power battery shipments with a market share of 2.27% in 2024, and it is expected to maintain a strong position in the market [7][9]. Product Segments - The company’s power battery shipments in 2024 were 30.29 GWh, a year-on-year increase of 7.87%, although the average price per watt-hour decreased by 25.91% [9]. - The energy storage battery segment saw a significant increase in shipments, reaching 50.45 GWh in 2024, with revenue from this segment growing by 16.44% [9][11]. Future Outlook - The company is expected to see a recovery in revenue growth in 2025, driven by increasing demand for power batteries and the introduction of new models in the passenger vehicle sector [9][11]. - The report anticipates continued high growth in the energy storage battery market, supported by favorable government policies and technological advancements [11].