EVE(SZ:300014) Guolian Securities·2024-03-10 16:00Investment Rating - The investment rating for the company is "Buy" with a target price of 45.72 CNY, maintaining the current rating [7][5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 4.035 billion to 4.211 billion CNY in 2023, representing a year-on-year growth of 15% to 20% [2]. - The company has seen a steady increase in market share, with a 129.8% year-on-year increase in power battery installation volume, reaching 16.2 GWh in 2023, and a global market share of 2.3% [3]. - The company is actively expanding its overseas presence, including agreements for battery supply and the construction of an international battery industrial park in Malaysia [4]. Financial Performance and Forecast - Revenue projections for 2023, 2024, and 2025 are 477.02 billion CNY, 566.10 billion CNY, and 696.82 billion CNY, with growth rates of 31.40%, 18.67%, and 23.09% respectively [5][6]. - The net profit attributable to shareholders is forecasted to be 4.20 billion CNY in 2023, 5.206 billion CNY in 2024, and 6.710 billion CNY in 2025, with corresponding growth rates of 19.68%, 23.96%, and 28.89% [5][6]. - The company’s earnings per share (EPS) are projected to be 2.05 CNY, 2.54 CNY, and 3.28 CNY for the years 2023, 2024, and 2025 respectively [5][6]. Market Position and Strategy - The company has a robust order backlog, with 88 GWh of intended demand for lithium iron phosphate batteries and 486 GWh for ternary large cylindrical batteries over the next five years [3]. - The company is increasing its research and development investments, particularly in the 46 series large cylindrical batteries, with a planned capacity of 134 GWh [4]. - The company has established partnerships with various international firms for battery production, further solidifying its position as a leader in the lithium battery sector [4].