EVE(SZ:300014) Minsheng Securities·2024-02-04 16:00Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 32.03 CNY [1]. Core Views - The company is expected to achieve a net profit growth of 15.00% to 20.00% for the year 2023, with a slight decline in the fourth quarter net profit by 38.18% to 52.00% [1]. - The company is increasing its research and development investments and has entered mass production phases in new factories, which is driving significant growth in shipments [1]. - The global power battery installation volume is projected to reach approximately 624.4 GWh in 2023, representing a year-on-year increase of 131.9% [1]. - The company aims to expand its market share in the commercial vehicle sector and has set a long-term global market share target of 10% [1]. Financial Performance Summary - The company forecasts total revenue for 2023 to be between 40.35 billion CNY and 42.11 billion CNY, reflecting a year-on-year change of -5% to +5% [1]. - The projected net profit for 2023 is estimated at 4.146 billion CNY, with a growth rate of 18.2% [2]. - For the years 2023 to 2025, the company expects revenues of 47.358 billion CNY, 53.932 billion CNY, and 64.670 billion CNY, with respective growth rates of 30.4%, 13.9%, and 19.9% [2]. - The net profit for 2024 and 2025 is projected to be 4.556 billion CNY and 5.666 billion CNY, with growth rates of 9.9% and 24.4% respectively [2]. Business Expansion and Market Position - The company has successfully expanded its business footprint, with significant progress in overseas projects, including initiatives in Malaysia and Hungary [1]. - The company has achieved a domestic market share of 4.45% in power battery sales for 2023, with a goal to increase this share further [1]. - The company has also made strides in the marine battery sector, with over 50% of electric ships using its battery solutions [1].