EVE(SZ:300014) Minsheng Securities·2025-07-28 12:46Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is deeply engaged in lithium primary batteries and lithium-ion batteries, with extensive layouts in energy storage, power, and consumer sectors. With the acceleration of domestic and international capacity expansion, the company is expected to become a global premium supplier of lithium batteries across various scenarios as downstream demand for lithium batteries grows rapidly [4][12][18]. Summary by Sections 1. Company Overview - The company has a strong foundation in lithium primary batteries and has expanded into lithium-ion batteries, focusing on energy storage, power, and consumer applications. The company aims to leverage the rapid growth in downstream lithium battery demand to solidify its position as a leading global supplier [12][18]. 2. Energy Storage Demand - The company has seen a continuous increase in domestic energy storage EPC bidding volumes, with a total of 26 GWh in the first four months of 2025, representing a year-on-year growth of 18.3%. Global energy storage demand is expected to grow by 52% in 2025, driven by the resonance of demand in China, the US, Europe, and emerging markets [50][61]. 3. Consumer Battery Growth - The global consumer battery shipment is projected to exceed 70 GWh in 2025, with the company's core product, cylindrical batteries, achieving full production and sales in 2024. The company is expected to maintain a strong market share in traditional and emerging sectors [15][75]. 4. Power Battery Recovery - The demand for power batteries remains robust, with a cumulative installation of 299.6 GWh in the first half of 2025, reflecting a year-on-year increase of 47.3%. The company achieved a shipment of 10.17 GWh in Q1 2025, up 58% year-on-year, indicating a steady improvement in profitability [13][20]. 5. Financial Forecasts - The company is expected to achieve revenues of 631.95 billion yuan, 800.50 billion yuan, and 1,040.05 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30%, 27%, and 30%. The net profit attributable to shareholders is projected to be 50.57 billion yuan, 67.96 billion yuan, and 90.63 billion yuan for the same years, with corresponding growth rates of 24%, 34%, and 33% [20][17].