EVE(SZ:300014) Minsheng Securities·2024-04-19 01:00Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 36.20 CNY [2][3] Core Views - The company achieved a revenue of 48.784 billion CNY in 2023, representing a year-on-year increase of 34.38% [2][3] - The net profit attributable to the parent company for 2023 was 4.050 billion CNY, with a growth rate of 2.23% [2][3] - The company is experiencing significant growth in its energy storage and power battery sectors, with a notable increase in shipments and new product launches [2][3] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 132.55 million CNY, a year-on-year increase of 15.73% [2] - The net profit for Q4 2023 was 6.26 million CNY, with a net profit margin of 17.72% [2] - The company’s total revenue for 2023 was 48.784 billion CNY, with a net profit of 4.050 billion CNY [3] Product and Market Development - The company’s power battery shipments reached 28.08 GWh in 2023, a year-on-year growth of 64.22% [2] - The company has launched new technologies, including Mr. Giant and 3T technology, achieving high energy efficiency [2] - The company has secured orders from several overseas manufacturers and is expanding its production capacity in Malaysia and Hungary [2] Future Projections - Revenue projections for 2024, 2025, and 2026 are 60.403 billion CNY, 83.274 billion CNY, and 104.779 billion CNY respectively, with growth rates of 23.8%, 37.9%, and 25.8% [3] - The net profit attributable to the parent company is expected to reach 4.247 billion CNY in 2024, with a growth rate of 4.9% [3]