EVE(SZ:300014) Donghai Securities·2024-04-29 00:00Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company reported its 2023 annual results and Q1 2024 results, which met expectations. In 2023, the company achieved a revenue of 48.784 billion yuan, a year-on-year increase of 34.38%, and a net profit attributable to shareholders of 4.050 billion yuan, up 15.42% year-on-year. For Q1 2024, the company reported a revenue of 9.317 billion yuan, a year-on-year decrease of 16.70%, and a net profit of 1.066 billion yuan, down 6.49% year-on-year [8][9] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 48.784 billion yuan, with a year-on-year growth of 34.38%. The net profit attributable to shareholders was 4.050 billion yuan, reflecting a 15.42% increase. The adjusted net profit was 2.755 billion yuan, up 2.23% year-on-year. For Q1 2024, the revenue was 9.317 billion yuan, down 16.70% year-on-year, while the net profit was 1.066 billion yuan, down 6.49% year-on-year, with adjusted net profit increasing by 14.63% to 0.701 billion yuan [8][9] Market Position and Product Development - The company has seen steady growth in market share across its product lines. In 2023, the company shipped 28.08 GWh of power batteries, a year-on-year increase of 64.22%, with a domestic market share of 4.45%, ranking fourth nationally. In Q1 2024, the power battery shipments were 6.45 GWh, up 5.98% year-on-year. The company also shipped 26.29 GWh of energy storage batteries in 2023, a 121.14% increase, maintaining its position as the third-largest globally. In Q1 2024, energy storage battery shipments reached 7.02 GWh, up 113.11% year-on-year [8][9] Product Matrix and International Expansion - The company is actively expanding its product matrix and making progress in overseas markets. It has made significant advancements in lithium battery technology and capacity, including the development of large cylindrical batteries and high-capacity lithium iron phosphate batteries. The company is also establishing production bases in Malaysia and Hungary to support the Southeast Asian market and respond to the demand for new energy vehicle batteries [9][10] Investment Recommendations - Considering the intensified competition in the lithium battery industry and potential price declines for some products, the company’s revenue forecasts for 2024-2025 have been adjusted to 56.357 billion yuan and 75.229 billion yuan, respectively. The net profit forecasts for 2024-2026 are 4.710 billion yuan, 6.096 billion yuan, and 7.542 billion yuan, corresponding to a P/E ratio of 16x, 12x, and 10x. The "Buy" rating is maintained [9][10]