EVE(SZ:300014) Guoxin Securities·2025-09-10 08:02Investment Rating - The investment rating for the company is "Outperform the Market" [6][28]. Core Views - The company's net profit for H1 2025 was 1.605 billion yuan, a decrease of 25% year-on-year, while revenue reached 28.17 billion yuan, an increase of 30% year-on-year. Excluding stock incentive costs and impairment losses, the net profit would have been 2.218 billion yuan, reflecting a 4% increase year-on-year [1][7]. - The company has seen rapid growth in its energy storage battery segment, achieving revenue of 10.298 billion yuan in H1 2025, up 32% year-on-year, and maintaining its position as the second-largest global supplier in terms of shipment volume [2][17]. - The company's power battery segment also experienced significant growth, with revenue of 12.748 billion yuan in H1 2025, a 42% increase year-on-year, and a gross margin of 17.60%, up 6.92 percentage points year-on-year [3][22]. - The consumer battery business showed steady development, with revenue of 5.079 billion yuan in H1 2025, a 5% increase year-on-year, and a gross margin of 26.68% [3][24]. - The company is actively investing in cutting-edge technologies such as solid-state batteries, with plans for a production base in Chengdu expected to be completed by December 2025 [4][27]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 281.70 billion yuan, a 30% increase year-on-year, and a net profit of 16.05 billion yuan, down 25% year-on-year. The adjusted net profit, excluding stock incentive costs and impairments, was 22.18 billion yuan, reflecting a 4% increase year-on-year [1][7]. - For Q2 2025, the company reported revenue of 153.73 billion yuan, a 25% increase year-on-year, and a net profit of 5.04 billion yuan, down 53% year-on-year [1][7]. Business Segments - The energy storage battery segment generated revenue of 10.298 billion yuan in H1 2025, with a gross margin of 12.03%, down 2.32 percentage points year-on-year. The shipment volume reached 28.71 GWh, a 37% increase year-on-year [2][17]. - The power battery segment reported revenue of 12.748 billion yuan in H1 2025, with a gross margin of 17.60%, up 6.92 percentage points year-on-year. The shipment volume was 21.48 GWh, a 59% increase year-on-year [3][22]. - The consumer battery segment achieved revenue of 5.079 billion yuan in H1 2025, with a gross margin of 26.68%, down 1.63 percentage points year-on-year [3][24]. Future Outlook - The company is expected to benefit from the ramp-up of new models from domestic and international clients in the power battery segment, which will positively impact long-term performance [4][28]. - The solid-state battery production base in Chengdu is set to enhance the company's capabilities in high-end applications, with an initial production capacity planned for December 2025 [4][27].