EVE(SZ:300014) Soochow Securities·2026-03-30 00:24Investment 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] - Revenue for 2025 is projected at 61.47 billion yuan, a year-on-year increase of 26.44% [1] - Net profit attributable to shareholders for 2025 is expected to be 4.13 billion yuan, reflecting a year-on-year growth of 1.44% [1] - The company is expected to ship over 200 GWh in 2026, with a significant increase in both power and energy storage products [8] - The company anticipates maintaining a profit level of 0.025 yuan/Wh in 2026, supported by cost transmission and improved profitability in upstream materials [8] - The consumer business is expected to contribute stable cash flow, with revenue projected at 11.1 billion yuan in 2025, a 7% increase [8] - The company has seen a significant improvement in cash flow, with operating cash flow increasing by 69% year-on-year [8] - The target price for the stock is set at 105 yuan per share, based on a 30x valuation for 2026 [8] Financial Projections - Total revenue is forecasted to grow from 61.47 billion yuan in 2025 to 151.30 billion yuan by 2028, with a compound annual growth rate of 22.14% [1] - Net profit attributable to shareholders is expected to rise from 4.13 billion yuan in 2025 to 12.42 billion yuan in 2028, with a growth rate of 30.44% [1] - The earnings per share (EPS) is projected to increase from 1.99 yuan in 2025 to 5.99 yuan in 2028 [1] - The price-to-earnings (P/E) ratio is expected to decrease from 36.32 in 2025 to 12.09 in 2028, indicating improved valuation [1]