EVE(SZ:300014) Guoxin Securities·2024-05-06 01:33Investment Rating - The investment rating for the company is "Buy" [3][13] Core Views - The company has experienced rapid growth in energy storage battery sales, while consumer battery demand is steadily recovering [1][12] - The company achieved a revenue of 48.784 billion yuan in 2023, a year-on-year increase of 34%, and a net profit of 4.050 billion yuan, up 15% year-on-year [4][12] - The company maintains a strong growth trend in dynamic storage battery shipments, with a total shipment of 54.4 GWh in 2023, representing an 88% year-on-year increase [11][12] - The company is accelerating its global layout, with new factories planned in Malaysia and Hungary, and exploring partnerships in the North American market [12][13] Financial Performance Summary - In Q1 2024, the company reported a revenue of 9.317 billion yuan, down 17% year-on-year and 30% quarter-on-quarter, with a net profit of 1.066 billion yuan, down 6% year-on-year but up 70% quarter-on-quarter [1][4] - The gross profit margin for 2023 was 17.04%, an increase of 0.61 percentage points year-on-year, while the gross profit margin for Q1 2024 was 17.64%, up 0.81 percentage points year-on-year [1][4] - The company’s dynamic battery gross margin was 14.37% in 2023, down 1.59 percentage points year-on-year, while the energy storage battery gross margin was 17.03%, up 8.07 percentage points year-on-year [11][12] Earnings Forecast and Valuation - The company’s earnings forecast has been adjusted downwards, with expected net profits of 4.706 billion yuan, 5.967 billion yuan, and 7.023 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth of 16%, 27%, and 18% [13][14] - The expected EPS for 2024, 2025, and 2026 is projected to be 2.30 yuan, 2.92 yuan, and 3.43 yuan respectively, with corresponding PE ratios of 16, 13, and 11 times [13][14]