EVE(SZ:300014) Guolian Securities·2024-04-20 06:30Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company achieved a revenue of 48.784 billion yuan in 2023, representing a year-on-year increase of 34.38%, with a net profit of 4.050 billion yuan, up 15.42% year-on-year [2]. - The company’s cylindrical battery production is ramping up, with significant growth in both power and energy storage battery shipments, leading to an increase in market share [2][3]. - The company is expanding its global footprint, with substantial orders in hand and new production facilities being established in Hungary and Malaysia [4]. Financial Performance - In Q4 2023, the company reported a revenue of 13.255 billion yuan, a year-on-year increase of 10.27%, but a net profit decline of 25.80% year-on-year [2]. - The power battery shipment reached 28.08 GWh in 2023, a 64.22% increase year-on-year, while energy storage battery shipments reached 26.29 GWh, up 121.14% year-on-year [2]. - The company’s revenue projections for 2024-2026 are 56.632 billion yuan, 70.569 billion yuan, and 83.649 billion yuan, with corresponding growth rates of 16.09%, 24.61%, and 18.53% [5][11]. Research and Development - The company has increased its R&D investment, launching a new generation of MB series energy storage products and achieving mass production of 46 series cylindrical batteries [3]. - The production lines in the new facilities are expected to reach a maximum annual capacity of 2.35 billion units once fully operational [3]. Global Expansion - As of November 2023, the company has secured customer demand for approximately 88 GWh of lithium iron phosphate cylindrical batteries and 486 GWh of ternary large cylindrical batteries for the next five years [4]. - The company is actively establishing production capacity in international markets, including a new facility in Hungary and a project in Malaysia [4].