EVE(SZ:300014) EBSCN·2026-03-31 05:29Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Insights - The company achieved a revenue of 61.47 billion yuan in 2025, representing a year-on-year growth of 26.44%. The net profit attributable to shareholders was 4.134 billion yuan, a 1.44% increase year-on-year. Excluding stock incentive costs, the net profit was 5.002 billion yuan, up 24.76% year-on-year [1]. - The company’s power battery shipments reached 50.15 GWh in 2025, a 65.56% increase year-on-year, with a gross margin of 15.50%, up 1.3 percentage points year-on-year. The average price of power batteries in the second half of 2025 was 0.46 yuan/Wh, down 23% compared to the first half [1][2]. - The energy storage battery shipments were 71.05 GWh, a 40.84% increase year-on-year, with a gross margin of 12.28%, down 2.4 percentage points year-on-year. The average price in the second half of 2025 was 0.33 yuan/Wh, a 7% decrease from the first half [2]. - The consumer battery segment generated revenue of 11.075 billion yuan, a 7.29% increase year-on-year, with the company maintaining the top position in domestic shipments of small cylindrical batteries [2]. Summary by Sections Financial Performance - In 2025, the company reported a revenue of 61.47 billion yuan and a net profit of 4.134 billion yuan. The revenue growth rate was 26.44%, while the net profit growth rate was 1.44% [1]. - The company’s earnings per share (EPS) for 2025 was 1.99 yuan, with a projected EPS of 3.01 yuan for 2026 and 4.12 yuan for 2027 [3][10]. Profitability and Valuation - The gross margin for 2025 was 16.2%, with projections of 15.9% for 2026 and 16.3% for 2027. The company’s price-to-earnings (P/E) ratio is projected to be 23 for 2026, 17 for 2027, and 13 for 2028 [3][10]. - The return on equity (ROE) for 2025 was 9.77%, with expectations of 13.01% in 2026 and 15.32% in 2027 [10]. Market Position and Growth - The company ranks sixth globally in power battery shipments and second in commercial vehicle installations in China, indicating a steady increase in market share [1]. - The company has established over 70 GWh of cylindrical battery production capacity and has successfully mass-produced batteries for leading global automotive brands [1][2].