EVE(SZ:300014) 鑫椤储能·2025-10-24 07:09Core Viewpoint - The article highlights the financial performance of EVE Energy in Q3 2025, showcasing significant revenue growth and profitability, particularly in the battery segment, while also discussing future prospects in the energy storage market and overseas operations [1][2]. Financial Performance - In Q3 2025, EVE Energy achieved revenue of 16.832 billion yuan, representing a year-on-year increase of 35.85% and a quarter-on-quarter increase of 9.49% [1]. - The net profit attributable to shareholders was 1.211 billion yuan, up 15.13% year-on-year and up 140.16% quarter-on-quarter [1]. - The non-recurring net profit was 780 million yuan, showing a year-on-year decline of 22.04% but a quarter-on-quarter increase of 130.04% [1]. Battery Shipment and Margins - The company shipped 13.1 GWh of power batteries in Q3 2025, a year-on-year increase of 83%, and 19.7 GWh of energy storage batteries, a year-on-year increase of 33%, indicating a market share increase [1]. - The gross margin for power batteries was stable at 17%-18%, while energy storage batteries improved to over 12% [1]. - The overall profit contribution from power and energy storage batteries was between 900 million to 1 billion yuan [1]. Consumer Battery Segment - Revenue from consumer batteries was approximately 3.1 billion yuan, with small cylindrical batteries expected to have a gross margin of around 20% and lithium primary batteries exceeding 40% [1]. - The profit contribution from the consumer segment is estimated to be between 200 million to 300 million yuan [1]. Future Outlook - In Q4 2025, the company anticipates price adjustments in the energy storage sector to enhance profitability, with stable contributions expected from the energy storage large cell base [2]. - The Malaysian base is expected to ramp up by the end of the year, potentially leading to premium contributions and excess profits [2]. - The gross margin for lithium primary batteries is expected to remain above 40%, with new product categories and applications being introduced [2].