EVE(SZ:300014) Guohai Securities·2024-04-21 09:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's total revenue for 2023 reached 48.8 billion yuan, representing a year-on-year growth of 34.38%. The net profit attributable to shareholders was 4.1 billion yuan, up 15.42% year-on-year [4] - The energy storage business has shown significant growth, with revenue from energy storage batteries increasing by 73.24% to 16.3 billion yuan. The company achieved a 121.14% year-on-year increase in energy storage battery shipments, reaching 26.29 GWh [5] - The company has strengthened its technological leadership and accelerated the commercialization of new products, including the 46 series large cylindrical batteries, which have begun mass production [5] Summary by Relevant Sections Revenue and Profitability - The company achieved total revenue of 48.8 billion yuan in 2023, a 34.38% increase year-on-year. The net profit attributable to shareholders was 4.1 billion yuan, reflecting a 15.42% increase [4] - The revenue from the company's power battery segment was 24 billion yuan, up 31.41% year-on-year, while the energy storage battery segment generated 16.3 billion yuan, marking a 73.24% increase [5] Market Position - The company ranked fourth in the domestic market for power batteries, with a market share of 4.45%, an increase of 2.01% from the previous year. The shipment volume for power batteries reached 28.08 GWh, a 64.22% increase year-on-year [5] - In the energy storage sector, the company maintained a top-three global position in shipments, with a total of 26.29 GWh shipped in 2023 [5] Future Outlook - The company plans to expand its production capacity significantly, with a 20 GWh factory for large cylindrical batteries already in operation and further expansions planned [5] - The forecast for 2024-2026 projects net profits of 4.8 billion yuan, 6 billion yuan, and 9 billion yuan respectively, with corresponding P/E ratios of 15, 12, and 8 [8]