EVE(SZ:300014) EBSCN·2025-08-24 05:57Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 28.2 billion yuan in H1 2025, a year-on-year increase of 30%, while the net profit attributable to shareholders decreased by 25% to 1.605 billion yuan. Excluding stock incentive expenses and specific bad debt provisions, the net profit attributable to shareholders was 2.22 billion yuan, a year-on-year increase of 3.78% [1] - The revenue from power batteries in H1 2025 was 12.7 billion yuan, up 42% year-on-year, with shipments of 21.48 GWh, a 59% increase. The average price was 0.59 yuan/Wh, with a gross margin of 17.60% [1] - The revenue from energy storage batteries was 10.3 billion yuan, a 32% year-on-year increase, with shipments of 28.71 GWh, a 37% increase. The average price was 0.36 yuan/Wh, with a gross margin of 12.03% [2] - The company has successfully developed a prototype of an Ah-level sulfide-based solid-state battery and plans to put a 100 MWh pilot line into operation in 2025 [2] - The company has adjusted its net profit forecasts for 2025 down by 11% to 4.71 billion yuan, while increasing forecasts for 2026 and 2027 by 2% and 8% respectively [3] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 28.2 billion yuan, with a net profit of 1.605 billion yuan, reflecting a decrease of 25% year-on-year. The adjusted net profit, excluding certain expenses, was 2.22 billion yuan, showing a slight increase [1] - The second quarter of 2025 saw a revenue of 15.4 billion yuan, a 25% increase year-on-year, but a significant drop in net profit by 53% year-on-year [1] Product Segments - Power Battery: Revenue reached 12.7 billion yuan, with a gross margin of 17.60% and significant growth in shipments [1] - Energy Storage Battery: Revenue was 10.3 billion yuan, with a gross margin of 12.03%, indicating potential for profit recovery [2] - Consumer Battery: Revenue was 5.1 billion yuan, with a gross margin of 26.68%, benefiting from a recovery in demand [2] Future Outlook - The company is expanding its production capacity for large cylindrical batteries and has positioned itself as a leader in the global market for energy storage batteries [2] - The report indicates a strong competitive position in the energy storage battery segment and anticipates improved profitability from power battery sales [3]