EVE(SZ:300014) SINOLINK SECURITIES·2025-10-24 01:15Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 45 billion yuan for the first three quarters of 2025, a year-on-year increase of 32%, while the net profit attributable to shareholders decreased by 11.7% to 2.82 billion yuan [2]. - The third quarter saw a revenue of 16.8 billion yuan, up 36% year-on-year and 9.5% quarter-on-quarter, with a net profit of 1.21 billion yuan, reflecting a 15.1% increase year-on-year and a significant 140% increase quarter-on-quarter [2]. - The company is expected to achieve a total battery shipment of 120-130 GWh in 2025, with 50 GWh from power batteries and 70-80 GWh from energy storage batteries, driven by price increases and improved product structure [4]. Performance Summary - For Q3 2025, the company's gross margin was 13.7%, down 5.3 percentage points year-on-year and 3.8 percentage points quarter-on-quarter, primarily due to a rebate policy that reduced revenue by 530 million yuan [3]. - The company’s operating expenses were 9.5% of revenue, a decrease of 1.2 percentage points year-on-year and 5.5 percentage points quarter-on-quarter, with stock option expenses of approximately 250 million yuan [3]. - The shipment of power batteries reached 34.59 GWh in the first three quarters, a 66.98% increase year-on-year, while energy storage battery shipments were 48.41 GWh, up 35.51% year-on-year [3]. Future Outlook - The company is expected to continue improving profitability in energy storage, with anticipated price increases and optimized product and customer structure [4]. - The report forecasts net profits for the company to be 4.35 billion yuan in 2025, 7.87 billion yuan in 2026, and 10.2 billion yuan in 2027, indicating a strong growth trajectory [5].