EVE(SZ:300014) Western Securities·2025-08-26 11:58Investment Rating - The investment rating for the company is "Buy" [5][10]. Core Views - The company's revenue for H1 2025 reached 28.17 billion yuan, a year-on-year increase of 30.06%, while the net profit attributable to the parent company was 1.605 billion yuan, a decrease of 24.9% [1][5]. - The company is expected to benefit from the upcoming H-share IPO, which is anticipated to enhance its valuation and liquidity premium [3][5]. - The overall battery supply chain fundamentals are improving, driven by the demand for electric commercial vehicles and the international expansion of cylindrical batteries [3][5]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 281.70 billion yuan, with a net profit of 16.05 billion yuan, and a non-recurring net profit of 11.57 billion yuan, reflecting a year-on-year decrease of 24.9% and 22.82% respectively [1][5]. - The Q2 2025 revenue was 153.73 billion yuan, with a net profit of 5.04 billion yuan, marking a significant decline of 52.96% year-on-year [1][5]. Battery Business - The company shipped 21.48 GWh of power batteries in H1 2025, with a Q2 net profit per unit of 0.029 yuan/Wh, corresponding to a net profit margin of 4.5% [2]. - The energy storage segment's performance was below expectations, but it is projected to stabilize in H2 2025 due to structural adjustments and business optimizations [2]. Market Outlook - The company is expected to achieve net profits of 4.524 billion yuan, 6.512 billion yuan, and 8.389 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11%, 43.94%, and 28.82% [3][4]. - The anticipated H-share IPO is expected to raise 1 billion USD and is projected to occur in Q4 2025, which could lead to a favorable liquidity premium in the market [3][5].