EVE(SZ:300014) Tianfeng Securities·2024-04-26 10:30Investment Rating - The report maintains a "Buy" rating for the company, considering the current valuation levels and adjusting the profit forecast for 2024 to 5.4 billion yuan from a previous estimate of 10 billion yuan [2][3]. Core Insights - The company achieved a revenue of 48.8 billion yuan in 2023, a year-on-year increase of 34%, with a net profit attributable to shareholders of 4.05 billion yuan, up 15.4% [1][6]. - The performance of consumer batteries was stable, while energy storage battery shipments experienced rapid growth, with energy storage battery revenue reaching 16.34 billion yuan, a 73.2% increase [1][6]. - The company reported a significant increase in operating cash flow, reaching 8.68 billion yuan in 2023, a 203.3% increase year-on-year [1][6]. Financial Performance Summary - In Q4 2023, the company generated revenue of 13.3 billion yuan, a 10% increase year-on-year, but a 25.8% decrease compared to the previous quarter [1]. - The gross profit margin for 2023 was 17.0%, an increase of 0.61 percentage points year-on-year, while the net profit margin was 9.3%, a decrease of 0.84 percentage points [1][6]. - The company’s revenue from power batteries was 23.98 billion yuan, a 31.4% increase, with a shipment of 28.1 GWh, up 64.2% [1][6]. Business Segment Analysis - Consumer batteries generated revenue of 8.36 billion yuan, a decrease of 1.8%, with a gross margin of 23.7% [1]. - Power batteries accounted for 23.98 billion yuan in revenue, with a gross margin of 14.4% [1]. - Energy storage batteries saw a revenue of 16.34 billion yuan, with a gross margin of 17.0% and a shipment of 26.3 GWh, marking a 121.1% increase [1][6]. Future Projections - For Q1 2024, the company is expected to report a revenue of 9.32 billion yuan, a decrease of 16.7% year-on-year, with a net profit of 1.07 billion yuan, down 6.5% [1]. - The forecast for 2024 includes an estimated revenue of 56.1 billion yuan, with a projected net profit of 5.39 billion yuan [6][7].