EVE(SZ:300014) Soochow Securities·2025-10-24 00:49Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights strong demand for energy storage, with clear quarterly profit improvements [1] - The company's Q3 revenue reached 16.8 billion yuan, a year-on-year increase of 36%, while net profit attributable to shareholders was 1.21 billion yuan, up 15% quarter-on-quarter and 140% year-on-year [7] - The report anticipates a significant increase in battery shipments, projecting total shipments of 200 GWh in 2026, a growth of 60% [7] - The company is expected to benefit from rising prices in the energy storage sector, with profit margins projected to improve in Q4 2025 [7] Financial Forecasts - Total revenue is forecasted to reach 66.02 billion yuan in 2025, with a year-on-year growth of 35.80% [1] - Net profit attributable to shareholders is expected to be 4.51 billion yuan in 2025, reflecting a growth of 10.64% [1] - The report projects earnings per share (EPS) to be 2.20 yuan in 2025, with a price-to-earnings (P/E) ratio of 35.61 [1] - By 2026, revenue is expected to grow to 98.88 billion yuan, with net profit reaching 8.35 billion yuan, indicating an 85.11% increase [1] Market Data - The closing price of the company's stock is 78.49 yuan, with a market capitalization of approximately 160.57 billion yuan [5] - The company has a price-to-book (P/B) ratio of 4.17 and a total share capital of 2,045.73 million shares [5][6] Operational Insights - The company reported a stable gross margin in Q3 2025, with energy storage gross margin increasing by 2 percentage points [7] - The report indicates that the company is experiencing a supply-demand imbalance in its energy storage products, with production capacity expected to ramp up significantly in 2026 [7]