EVE(SZ:300014) Tianfeng Securities·2025-05-11 14:40Investment Rating - The report maintains a "Buy" rating for the company, considering a slight profit increase in 2024 and projecting net profits of 5.31 billion CNY in 2025 and 9.2 billion CNY in 2027 [3][6]. Core Insights - The company is expected to return to positive revenue and profit growth in Q4 2024 and Q1 2025, with significant contributions from its energy storage segment and continued growth in consumer and power battery sectors [1][2]. - In 2024, the company anticipates a slight decline in revenue to 48.61 billion CNY, with a projected net profit of 4.08 billion CNY, followed by a strong recovery in 2025 with revenues reaching 65.63 billion CNY and net profits of 5.32 billion CNY [4][11]. - The company achieved a remarkable 91.90% year-on-year increase in energy storage battery shipments, solidifying its position as the second-largest global supplier in this segment [10]. Financial Performance Summary - Revenue and Profit Forecasts: - 2023: Revenue of 48.78 billion CNY, net profit of 4.05 billion CNY - 2024: Revenue of 48.61 billion CNY, net profit of 4.08 billion CNY - 2025E: Revenue of 65.63 billion CNY, net profit of 5.32 billion CNY - 2026E: Revenue of 88.60 billion CNY, net profit of 6.99 billion CNY - 2027E: Revenue of 115.18 billion CNY, net profit of 9.16 billion CNY [4][11][12]. - Growth Rates: - Revenue growth rates are projected at -0.35% for 2024, 35% for 2025, and 30% for 2026 [4][11]. - Net profit growth rates are expected to be 0.63% in 2024, 30.43% in 2025, and 31.42% in 2026 [4][11]. - Key Financial Ratios: - The company’s P/E ratio is projected to decrease from 21.88 in 2023 to 9.68 by 2027, indicating improved valuation over time [4][12]. - The net profit margin is expected to stabilize around 7.95% by 2027 [12]. Segment Performance - Consumer Batteries: - The consumer battery segment is expected to generate 103 billion CNY in revenue in 2024, with a year-on-year growth of 23% and a gross margin of 27.6% [10]. - Energy Storage Batteries: - The energy storage segment is projected to achieve 190 billion CNY in revenue in 2024, with a gross margin of 14.7% [10]. - Power Batteries: - The power battery segment is forecasted to generate 192 billion CNY in revenue in 2024, despite a year-on-year decline of 20% [10].