EVE(SZ:300014) Soochow Securities·2026-03-30 00:18Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's competitive edge in energy storage continues to strengthen, with impressive profit levels [1] - The company is expected to achieve significant revenue growth, with total revenue projected to reach 61.47 billion yuan in 2025, representing a year-on-year increase of 26.44% [1] - The net profit attributable to shareholders is forecasted to be 4.13 billion yuan in 2025, a slight increase of 1.44% year-on-year [1] - The company is anticipated to maintain a strong growth trajectory, with expected shipments exceeding 200 GWh in 2026, marking a 65% increase from the previous year [8] - The company is also expected to maintain a profit level of 0.025 yuan per watt in 2026, supported by effective cost transmission and improved profitability in upstream material joint ventures [8] Financial Projections - Total revenue projections for the company are as follows: - 2024: 48.615 billion yuan - 2025: 61.47 billion yuan - 2026: 97.035 billion yuan - 2027: 123.877 billion yuan - 2028: 151.303 billion yuan [1][9] - Net profit attributable to shareholders is projected to be: - 2024: 4.076 billion yuan - 2025: 4.134 billion yuan - 2026: 7.235 billion yuan - 2027: 9.521 billion yuan - 2028: 12.419 billion yuan [1][9] - The earnings per share (EPS) forecast is as follows: - 2024: 1.96 yuan - 2025: 1.99 yuan - 2026: 3.49 yuan - 2027: 4.59 yuan - 2028: 5.99 yuan [1][9] - The price-to-earnings (P/E) ratio is expected to decrease from 36.85 in 2024 to 12.09 in 2028, indicating improved valuation as earnings grow [1][9]