EVE(SZ:300014) Minsheng Securities·2025-08-24 14:32Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [6][13]. Core Insights - The company reported a revenue of 28.17 billion yuan for the first half of 2025, a year-on-year increase of 30.06%, while the net profit attributable to shareholders decreased by 24.90% to 1.605 billion yuan [1]. - In Q2 2025, the company achieved a revenue of 15.373 billion yuan, up 24.56% year-on-year, but the net profit dropped by 52.96% to 504 million yuan [2]. - The company has made significant progress in overseas expansion and innovative CLS model implementation, with a 58.58% increase in power battery shipments and a 37.02% increase in energy storage battery shipments in H1 2025 [3]. - The company is a global leader in the mass production of large-format lithium iron phosphate batteries, having produced its 300,000th energy storage-specific large-format battery in June 2025 [4]. Financial Projections - The company is projected to achieve revenues of 62.339 billion yuan, 80.363 billion yuan, and 104.475 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 28.2%, 28.9%, and 30.0% [5][9]. - The net profit attributable to shareholders is expected to be 4.551 billion yuan, 7.092 billion yuan, and 9.574 billion yuan for the same years, with growth rates of 11.7%, 55.8%, and 35.0% [5][9]. - The report indicates a projected PE ratio of 22, 14, and 10 for the years 2025, 2026, and 2027, respectively [4][5].