Core Viewpoint - Dongwu Securities research report indicates that EVE Energy has reached an operational turning point, with expectations for both volume and profit to increase in the future, leading to potential profit elasticity [1] Group 1: Production and Sales - In Q2 2025, EVE Energy shipped 27.3 GWh, representing a quarter-on-quarter increase of 30% and a year-on-year increase of 21% [1] - The capacity utilization rate reached 90% in June, with projected shipments of 130 GWh in 2025, reflecting a year-on-year growth of over 60% [1] - Shipments are expected to reach 200 GWh in 2026, with a year-on-year growth of over 50%, maintaining high growth rates into 2027 [1] Group 2: Profitability - Battery prices have bottomed out, and energy storage is operating at full production and sales [1] - With the release of popular models from Xiaopeng and Leap Motor, capacity utilization is expected to continue increasing [1] - The joint venture materials factory is anticipated to become profitable, leading to significant operational improvements in Q3 [1] Group 3: Future Outlook - The introduction of large cylindrical and large iron-lithium new products in 2026 is expected to drive volume growth, particularly in overseas markets [1] - The energy storage business is projected to contribute 7 billion in profits, with profit elasticity expected in 2026-2027 [1] - EVE Energy is focusing on differentiated products, with full orders for large cylindrical and large iron-lithium batteries, entering a harvest period in 2026 [1] Group 4: Financial Projections - The net profit attributable to shareholders for 2025 is maintained at 4.7 billion, reflecting a year-on-year increase of 16% [1] - Given the rapid growth in shipments, a valuation of 25x is assigned for 2026, corresponding to a target price of 92 yuan, maintaining a "buy" rating [1]

LED 业务盈利亮眼，金属物流保持稳健。公司LED 业务25Q2 贡献利润超5 千万元，环增15%，盈利表 现亮眼，随着下游需求持续回暖，高端产品占比提升，我们预计全年贡献利润1.5-2.0 亿元，同增 35%+，此外公司已推出CSP 芯片级封装产品，26-27 年有望贡献增长点；公司金属物流业务25Q2 贡献 利润4 千万元，环比微增，我们预计25 年有望贡献利润1.7 亿元+，持续贡献稳定现金流。 盈利预测与投资评级：考虑到公司业绩超预期，我们上修25-27 年归母净利预期7.5/10.0/13.1 亿元（此 前预期6.5/8.2/10.5 亿元），同比+55%/+33%/+31%，对应PE 为21x/16x/12x，给予25 年30x PE，对应目 标价20 元，维持"买入"评级。 风险提示：下游需求不及预期，原材料价格波动，市场竞争加剧。 公司Q2 业绩超市场预期。公司H1 实现归母净利3.0-3.6 亿元，同增79%~115%，扣非净利3.2-3.8 亿元， 同增156%~204%；其中Q2 实现归母净利1.6-2.2 亿元，同增63%~125%，环增11%~54%，扣非净利1.7- 2.3 亿元， ...