EVE(SZ:300014) EBSCN·2024-04-22 09:32Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a 2023 revenue of 48.784 billion yuan, a year-on-year increase of 34.38%, and a net profit attributable to shareholders of 4.05 billion yuan, up 15.42% year-on-year [2] - The company has seen a significant increase in energy storage battery shipments, with a doubling of energy storage battery output [2] - The company is expanding its overseas presence and launching new products, including various advanced battery technologies [2][3] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 13.255 billion yuan, a year-on-year increase of 10.27%, but a net profit of 626 million yuan, down 25.80% year-on-year [2] - The total shipments of power storage batteries reached 54.37 GWh in 2023, with power battery shipments at 28.08 GWh (up 64.22% year-on-year) and energy storage battery shipments at 26.29 GWh (up 121.14% year-on-year) [2] - The gross margin for 2023 was 17.04%, an increase of 0.60 percentage points year-on-year, with energy storage battery gross margin at 17.03% (up 8.07 percentage points) [2] Market Position - The company holds a 4.45% market share in the domestic power battery market, ranking fourth nationally, with a year-on-year increase of 2.01 percentage points [3] - The company has maintained its position as the leading domestic seller of lithium primary batteries for eight consecutive years and ranks among the top four globally in cylindrical battery shipments [3] Future Outlook - The company has adjusted its net profit forecasts for 2024 and 2025 to 4.850 billion yuan and 6.047 billion yuan, respectively, reflecting a downward adjustment of 38% and 44% [3] - The company is expected to benefit from the upcoming volume production of large cylindrical batteries and energy storage iron-lithium batteries, with ongoing expansion in overseas markets [3]