EVE(SZ:300014) Soochow Securities·2025-05-02 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q1 performance of the company met expectations, with a revenue of 12.8 billion yuan, a year-on-year increase of 37%, and a net profit of 1.1 billion yuan, reflecting a year-on-year growth of 3% [8] - The company has revised its annual shipment forecast to 130 GWh, expecting a year-on-year increase of over 60% [8] - The company anticipates stable profit levels in Q1, with expectations for continuous improvement in profitability throughout the year [8] - The report maintains profit forecasts for 2025-2027, projecting net profits of 5.3 billion, 7.3 billion, and 9.3 billion yuan respectively, with corresponding P/E ratios of 16x, 12x, and 9x [8] Summary by Sections Financial Performance - Q1 revenue was 12.8 billion yuan, with a year-on-year increase of 37% and a quarter-on-quarter decrease of 12% [8] - Q1 net profit was 1.1 billion yuan, with a year-on-year increase of 3% and a quarter-on-quarter increase of 24% [8] - The gross margin for Q1 was 17.2%, with a slight decrease compared to previous periods [8] Shipment and Production - Q1 shipments increased by 15% to 23 GWh, with a revised annual shipment target of 130 GWh [8] - The company expects a 60% increase in shipments for both power and energy storage segments in 2025 [8] Profitability and Cost Management - The average price for energy storage in Q1 was 0.43 yuan/Wh, with a gross margin of nearly 14% [8] - The average price for power batteries was 0.63 yuan/Wh, with a gross margin of approximately 17% [8] Capital Expenditure and Cash Flow - Q1 capital expenditure was 2 billion yuan, reflecting a year-on-year increase of 125% [8] - Operating cash flow for Q1 was 890 million yuan, showing a significant decrease compared to previous periods [8] Valuation and Target Price - The target price is set at 65 yuan, based on a valuation of 25x for 2025 [8]