EVE(300014) 华泰证券·2025-04-25 10:50Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 49.20 [7][8]. Core Views - The company has shown significant growth in energy storage shipments, with a strong performance in the consumer sector and expectations for profitability improvement in the power sector in 2025 [1][2]. - The company's Q1 2025 revenue reached RMB 12.796 billion, representing a year-on-year increase of 37.34% [1]. - The net profit attributable to the parent company for Q1 2025 was RMB 1.101 billion, exceeding previous expectations due to improved non-recurring gains [1][2]. Summary by Sections Energy Storage and Power Sector - In Q1 2025, the company shipped 10.17 GWh of power storage, a year-on-year increase of 58%, with a capacity utilization rate close to 70% [2][3]. - The company anticipates continued improvement in profitability in the power business throughout 2025, supported by the construction of a storage factory in Malaysia, which is expected to begin production in 2026 [3]. Consumer Sector - The company has maintained its leading position in lithium batteries, with monthly sales of small cylindrical batteries exceeding 10 million units [4]. - The Malaysian small cylindrical battery factory has commenced production, and the company expects a revenue growth rate of 20% in consumer batteries for 2025 [4]. Financial Projections - The company forecasts net profits attributable to the parent company of RMB 5.035 billion, RMB 6.727 billion, and RMB 7.939 billion for 2025, 2026, and 2027, respectively [4][6]. - The projected revenue for 2025 is RMB 72.494 billion, reflecting a growth rate of 49.12% compared to 2024 [6].