EVE(SZ:300014) China Post Securities·2024-04-26 09:30Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [2]. Core Insights - The company's performance in 2023 met expectations, with revenue reaching 48.784 billion yuan, a year-on-year increase of 34.38%. The net profit attributable to shareholders was 4.050 billion yuan, up 15.42% year-on-year [2][3]. - The energy storage business has become a significant growth driver, with energy storage battery shipments increasing by 121.14% year-on-year in 2023, positioning the company as the third-largest globally in market share [2][3]. - The company is enhancing its technological leadership with new product launches, including the Mr.Big cell with a capacity of 628Ah, utilizing third-generation high-speed stacking technology [2]. Financial Performance Summary - In 2023, the company achieved a revenue of 48.784 billion yuan, with a growth rate of 34.38%. The projected revenues for 2024, 2025, and 2026 are 56.042 billion yuan, 72.475 billion yuan, and 88.335 billion yuan, respectively, with growth rates of 14.88%, 29.32%, and 21.88% [3][4]. - The net profit attributable to shareholders for 2023 was 4.050 billion yuan, with forecasts of 4.909 billion yuan, 6.244 billion yuan, and 8.022 billion yuan for the following years, reflecting growth rates of 21.20%, 27.20%, and 28.47% [3][4]. - The company's earnings per share (EPS) for 2023 was 1.98 yuan, expected to rise to 2.40 yuan in 2024, 3.05 yuan in 2025, and 3.92 yuan in 2026 [3][4]. Market Position and Competitive Advantage - The company holds a 4.45% market share in the domestic power battery market, ranking fourth, while its energy storage battery market share is third globally [2]. - The gross margins for consumer, power, and energy storage batteries were 23.73%, 14.37%, and 17.03%, respectively, with energy storage showing an increase of 8.07% year-on-year [2].