EVE(SZ:300014) Guohai Securities·2024-02-05 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2023 annual performance forecast aligns with market expectations, with a projected net profit of 40.4-42.1 billion RMB, representing a year-on-year growth of 15-20% [4] - Despite a significant decline in investment income and increased R&D spending, the company still achieved positive growth in 2023 compared to the previous year [5] - The company is expected to see a substantial increase in the shipment of power and energy storage batteries, with an estimated total of 55 GWh in 2023, reflecting a notable year-on-year growth [5] - The share buyback announcement demonstrates the company's confidence in its long-term development, with a planned repurchase amounting to no less than 100 million RMB and not exceeding 200 million RMB [5] Financial Performance Summary - The company's revenue is projected to grow from 36.304 billion RMB in 2022 to 47.195 billion RMB in 2023, reflecting a growth rate of 30% [6] - The net profit attributable to the parent company is expected to increase from 3.509 billion RMB in 2022 to 4.098 billion RMB in 2023, with a growth rate of 17% [6] - The diluted earnings per share (EPS) is forecasted to rise from 1.72 RMB in 2022 to 2.00 RMB in 2023 [6] - The company's return on equity (ROE) is expected to remain stable at 12% for 2023, with an increase to 14% in 2024 and 2025 [7] Market Data - As of February 5, 2024, the company's current stock price is 32.03 RMB, with a market capitalization of approximately 65.524 billion RMB [3] - The stock has experienced a significant decline of 63.7% over the past 12 months compared to the CSI 300 index, which has decreased by 22.7% [5]