EVE(SZ:300014) Changjiang Securities·2025-05-13 02:14Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 12.8 billion yuan in Q1 2025, representing a year-on-year growth of 37.3% but a quarter-on-quarter decline of 12% [2][4]. - The net profit attributable to the parent company was 1.1 billion yuan, showing a year-on-year increase of 3.3% and a quarter-on-quarter increase of 24% [2][4]. - The company's overall gross margin reached 17.16%, with stable margins for power batteries and a slight decline for energy storage batteries due to utilization rates [11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 12.8 billion yuan, a 37.3% increase year-on-year, while net profit was 1.1 billion yuan, up 3.3% year-on-year [2][4]. - The company’s non-recurring net profit was 820 million yuan, reflecting a 16.6% year-on-year growth [2][4]. - The company’s investment income for Q1 2025 was 120 million yuan, and the total expenses ratio was 10.85%, a decrease of 1.75 percentage points year-on-year [11]. Product Performance - The company’s power battery shipments reached 10.17 GWh in Q1 2025, a year-on-year increase of 57.58%, benefiting from the growth in commercial vehicles [11]. - Energy storage battery shipments were 12.67 GWh, marking an 80.54% year-on-year increase, although affected by seasonal factors [11]. Market Position - The company maintained a market share of 13.41% in Q1 2025, ranking second in the domestic market for power batteries [11]. - The company aims to leverage its Malaysian energy storage base to mitigate the impact of U.S. tariffs and enhance profitability through larger cylindrical battery shipments [11]. Future Outlook - The company is expected to see improved profitability driven by increased utilization rates and better energy storage shipment structures [11]. - Forecasted net profits for 2025 and 2026 are 5.1 billion yuan and 7.1 billion yuan, respectively, with corresponding price-to-earnings ratios of 18 and 13 times [11].