EVE(SZ:300014) GUOTAI HAITONG SECURITIES·2025-10-27 11:12Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 109.46 CNY [6][13]. Core Insights - The report highlights strong demand for mobile energy storage, with commercial vehicles and energy storage operating at full capacity. The earnings forecast for 2026-2027 has been raised due to expected shipments from significant overseas clients [2][13]. - The company is projected to achieve earnings per share (EPS) of 2.19 CNY, 3.65 CNY, and 4.36 CNY for the years 2025, 2026, and 2027 respectively. The average valuation for comparable companies in 2026 is estimated at 37 times price-to-earnings (PE) ratio, while the company is assigned a PE of 30 times for 2026 [13][15]. Financial Summary - Total revenue is expected to grow from 48,784 million CNY in 2023 to 105,994 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of 18.8% [4]. - Net profit attributable to shareholders is forecasted to increase from 4,050 million CNY in 2023 to 8,913 million CNY in 2027, with a significant growth of 66.3% in 2026 [4]. - The company's net asset return rate is projected to improve from 11.7% in 2023 to 15.7% in 2027 [4]. Market Data - The company's market capitalization is approximately 164,171 million CNY, with a 52-week stock price range of 39.40 CNY to 91.00 CNY [7]. - The current stock price is 80.25 CNY, indicating a potential upside to the target price [13]. Production and Capacity - The report notes that the company has faced capacity constraints in energy storage and commercial vehicles but has taken over several external factories to alleviate this pressure. It is expected to contribute 10-12 GWh of capacity in 2025 and 30 GWh in 2026 [13]. - The company anticipates that energy storage will maintain full production and sales, with an expected improvement in gross margins in the fourth quarter [13].