EVE(SZ:300014) Guohai Securities·2024-02-26 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has launched a "Quality Return Dual Improvement" action plan aimed at enhancing operational quality, investment value, and sustainable development [3] - The company emphasizes continuous cash dividends, share repurchases, and management shareholdings to actively return value to investors [6] Summary by Relevant Sections Performance Overview - The company's stock has underperformed relative to the CSI 300 index, with a 1-month decline of 5.1%, a 3-month decline of 17.4%, and a 12-month decline of 50.5% [4] - Current stock price is 35.95 yuan, with a 52-week price range of 30.53-73.23 yuan [4] - Total market capitalization is approximately 73.54 billion yuan [4] Financial Projections - Revenue projections for 2023-2025 are 47.20 billion, 56.63 billion, and 70.79 billion yuan respectively, with growth rates of 30%, 20%, and 25% [7] - Net profit projections for the same period are 4.10 billion, 5.62 billion, and 6.59 billion yuan, with growth rates of 17%, 37%, and 17% [7] - The company’s P/E ratios for 2023-2025 are projected at 15.99, 11.65, and 9.95 respectively [7] Strategic Initiatives - The company is expanding its global footprint with significant investments in North America, Hungary, and Southeast Asia to enhance battery production capabilities [4][5] - R&D investment has been increasing, with R&D expenses reaching 1.3 billion, 2.2 billion, and 1.9 billion yuan over the past three years, representing 7.8%, 5.9%, and 5.5% of revenue respectively [5] Investor Returns - The company has distributed a total of 1.051 billion yuan in cash dividends over the past decade, with a recent dividend of 1.60 yuan per 10 shares in 2022 [6] - Share repurchase plans have been initiated to stabilize the market and enhance investor confidence, with amounts ranging from 1 billion to 3 billion yuan [6]