EVE(SZ:300014) Soochow Securities·2024-04-25 10:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q1 performance of the company is generally in line with market expectations, with revenue of 9.32 billion yuan, a decrease of 17% quarter-on-quarter and 30% year-on-year, and a net profit attributable to shareholders of 1.07 billion yuan, a decrease of 6% quarter-on-quarter but an increase of 70% year-on-year [3] - The company expects a significant increase in energy storage shipments, projecting a 65% year-on-year growth to 90 GWh for the full year [3] - The average price of power storage batteries decreased by 8% in Q1, with a slight decline in profit per watt-hour to 0.02-0.03 yuan [3] - The consumer business remains stable, with a notable recovery in demand for cylindrical batteries, projecting a 50% year-on-year increase in shipments [3] Financial Performance and Forecast - The company forecasts total revenue of 61.24 billion yuan for 2024, with a year-on-year growth of 25.53% [2] - The net profit attributable to shareholders is projected to be 4.78 billion yuan in 2024, reflecting an 18.12% year-on-year increase [2] - The earnings per share (EPS) is expected to be 2.34 yuan in 2024, with a price-to-earnings (P/E) ratio of 15.36 [2] Cash Flow and Expenses - The company reported a negative operating cash flow of -1.75 billion yuan in Q1, with inventory increasing to 6.7 billion yuan [4] - Capital expenditures for Q1 were 890 million yuan, a year-on-year increase of 46% [4] Market Data - The closing price of the company's stock is 35.92 yuan, with a market capitalization of approximately 73.48 billion yuan [5] - The price-to-book ratio is 2.05 [5] Summary of Related Research - Previous reports highlight the company's continuous growth in energy storage and performance meeting market expectations [7]