EVE(SZ:300014) Changjiang Securities·2024-05-07 08:32Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 9.317 billion yuan in Q1 2024, a year-on-year decline of 16.70%. The net profit attributable to the parent company was 1.066 billion yuan, down 6.49% year-on-year, while the net profit excluding non-recurring items increased by 14.63% year-on-year to 700 million yuan [6]. - The company's energy storage and power battery shipments continue to grow rapidly, with energy storage battery shipments reaching 7.02 GWh, a year-on-year increase of 113.11%. In the power battery segment, shipments were 6.45 GWh, up 5.98% year-on-year, with a notable increase in market share in the commercial vehicle sector [6]. - The company is actively expanding its energy storage business, which is expected to achieve high growth throughout 2024, positively impacting overall shipment growth. The company plans to increase its overseas market share and system proportion in the energy storage business, which is expected to contribute positively to future profitability [6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 9.317 billion yuan, a decrease of 16.70% year-on-year. The net profit attributable to the parent company was 1.066 billion yuan, down 6.49% year-on-year, while the net profit excluding non-recurring items was 700 million yuan, an increase of 14.63% year-on-year [6]. - The company's other income in Q1 2024 was 518 million yuan, with investment income of 146 million yuan, primarily contributed by Simor [6]. Market Position - The company ranked second in domestic energy storage cell shipments in March 2024, with a market share of 18.7%. The gross margin for power storage is expected to remain stable, although there may be a slight decline in gross margin per watt-hour due to seasonal production impacts and industry price pressures [6]. Future Outlook - The company is expected to continue its positive trajectory in the energy storage sector, with significant growth anticipated for the year. The commercial vehicle sector is also expected to contribute to stable revenue growth as the industry gradually recovers [6].