EVE(SZ:300014) East Money Securities·2024-04-23 07:32Investment Rating - The report maintains an "Accumulate" rating for the company [4][5]. Core Insights - The company achieved a revenue of 48.784 billion yuan in 2023, representing a year-on-year growth of 34.38%, and a net profit attributable to shareholders of 4.050 billion yuan, up 15.42% year-on-year [2]. - The consumer battery segment remains a market leader, with revenue of 8.362 billion yuan in 2023, slightly down by 1.78% year-on-year, and a gross margin of 23.73% [2]. - The energy storage business saw significant growth, with power battery shipments of 28.08 GWh, ranking fifth in China, and energy storage battery shipments of 26.29 GWh, ranking third globally [2]. - The company invested 2.871 billion yuan in R&D in 2023, a 26.97% increase year-on-year, focusing on new technologies such as lithium metal secondary batteries and sodium batteries [2]. Financial Performance Summary - Revenue for 2023 was 48.784 billion yuan, with a growth rate of 34.38% [6]. - The net profit attributable to shareholders for 2023 was 4.050 billion yuan, with a growth rate of 15.42% [6]. - The company forecasts revenues of 59.118 billion yuan, 73.202 billion yuan, and 91.619 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 21.18%, 23.83%, and 25.16% [5][6]. - The projected net profit for 2024, 2025, and 2026 is 5.021 billion yuan, 5.980 billion yuan, and 7.365 billion yuan, with growth rates of 23.98%, 19.09%, and 23.16% [5][6]. Market Position and Competitive Advantage - The company is the leading supplier of lithium primary batteries in China, maintaining its position for eight consecutive years [2]. - The company has established effective partnerships with major clients in the small lithium-ion battery sector, enhancing its market presence [2]. - The launch of new products, such as the 21700 series batteries, has strengthened the company's competitive edge in the two-wheeler market [2].