Investment Rating - The report maintains a "Buy" rating for Eve Energy (300014 CH) with a target price of RMB64.30, representing a 30% upside from the current price of RMB49.44 [1][2] - The target price has been revised upward by 16% from RMB55.30 to RMB64.30 [2] Core Views - Eve Energy's 3Q24 gross margin improved significantly to 19.0%, driven by higher capacity utilization in power and energy storage batteries, as well as lower raw material costs [4] - The company's overseas energy storage business is expected to grow significantly in 2025/26, with the first global cooperative project (ACT) progressing smoothly [5] - The report forecasts a 40.2% YoY growth in net profit attributable to shareholders in 2025, supported by improving capacity utilization and strong demand for energy storage and consumer batteries [6] Financial Performance - 3Q24 revenue was RMB12.39 billion, down 1.3% YoY but up 0.4% QoQ [4] - 3Q24 gross profit reached RMB2.355 billion, with a gross margin of 19.0%, up 3.4 percentage points QoQ [4] - Non-GAAP net profit attributable to shareholders grew 25.5% QoQ to RMB1.0 billion in 3Q24 [4] - The company's energy storage battery shipments reached 35.7GWh in the first three quarters of 2024, up 115.6% YoY [5] Business Outlook - Power battery shipments are expected to increase in 4Q24 with new customer Leapmotor's volume contribution [5] - The ACT project, a joint venture with Cummins, Daimler Truck, and PACCAR, is on track to start production in 2026 with an annual capacity of 21GWh [5] - Consumer batteries have been operating at full capacity for six consecutive months, with the Malaysia factory progressing well [5] Valuation - The battery business is valued at 19x 2025E P/E, implying a valuation of RMB112.4 billion [11][12] - Including the stake in Smoore International, the total valuation is RMB131.6 billion, leading to the target price of RMB64.30 [11][12] - The 2025E EPS is forecasted at RMB3.19, representing a 40.2% YoY growth [6][12] Peer Comparison - Eve Energy's 2025E P/E of 15.5x is slightly below the peer average of 19x, with a PEG ratio of 0.39 [13] - The company's valuation multiples are comparable to industry leaders like CATL (22x 2024E P/E) and Gotion High-Tech (28x 2024E P/E) [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown continuous growth in its energy storage business, with significant improvements in consumer battery performance. The revenue for Q1-3 2024 reached 34.049 billion yuan, with a year-over-year decrease of 4.2%, and a net profit of 3.19 billion yuan, down 6.9% year-over-year. The third quarter alone saw a net profit of 1.05 billion yuan, a year-over-year decline of 17.4%, but with a notable improvement in gross margin to 19.01% [7] - The company has adjusted its net profit forecasts for 2024-2025 to 4.01 billion yuan and 5.55 billion yuan respectively, while introducing a new forecast for 2026 at 7.273 billion yuan. The corresponding price-to-earnings ratios for 2024-2026 are projected at 24.5, 17.7, and 13.5 times, respectively [7] - The sales of small cylindrical batteries have exceeded 100 million units per month, indicating a recovery in demand from downstream customers. The company has launched new high-performance battery products to meet market needs, which is expected to further enhance sales in Q4 [7] - The company is actively participating in smart grid construction projects and has signed supply agreements for energy storage batteries with international partners. In the first three quarters, energy storage battery shipments reached 35.7 GWh, a year-over-year increase of 116% [8] Financial Summary - The company's revenue for 2022 was 36.304 billion yuan, with projections of 48.784 billion yuan for 2023 and 49.08 billion yuan for 2024, reflecting a year-over-year growth of 34.4% in 2023 and a marginal increase of 0.6% in 2024 [6] - The net profit attributable to the parent company for 2022 was 3.509 billion yuan, with forecasts of 4.05 billion yuan for 2023 and 4.007 billion yuan for 2024, indicating a slight decline of 1.1% in 2024 [6] - The gross margin is expected to improve from 17.0% in 2023 to 17.4% in 2024, while the net margin is projected to decrease from 9.3% in 2023 to 8.4% in 2024 [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has maintained its investment rating, indicating confidence in its future performance despite a slight decrease in revenue and net profit for the first three quarters of 2024 compared to the previous year [4][5] - The company's energy storage business has shown significant growth, with a 115.57% year-on-year increase in battery shipments [4] - The company is expected to achieve net profits of 43.35 billion, 54.26 billion, and 64.20 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 23.33, 18.64, and 15.75 [5][6] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 340.49 billion yuan, a decrease of 4.16% year-on-year, and a net profit of 31.89 billion yuan, down 6.88% year-on-year [4] - In Q3 2024, the company achieved revenue of 123.90 billion yuan, a decrease of 1.30% year-on-year, but a slight increase of 0.39% quarter-on-quarter [4] - The gross margin and net margin for Q3 2024 improved to 19.01% and 9.09% respectively, compared to 15.56% and 8.85% in Q2 2024 [4] Business Segment Performance - The energy storage segment has become a key growth driver, with shipments of energy storage batteries reaching 35.73 GWh in the first three quarters of 2024, marking a 115.57% increase year-on-year [4] - The company's power battery shipments for the same period were 20.71 GWh, reflecting a 4.96% year-on-year increase, although impacted by lower-than-expected sales from major customers [4] Supply Chain and Globalization - The company is accelerating the globalization of its supply chain, establishing a comprehensive coverage of the lithium battery materials industry chain [5] - A nickel and cobalt production project in Indonesia has commenced operations, expected to produce approximately 120,000 tons of nickel and 15,000 tons of cobalt annually, enhancing the company's competitive edge in raw material supply [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][11]. Core Views - The company has experienced significant growth in energy storage battery shipments, with a notable increase in non-net profit for Q3 2024, which reached 1 billion CNY, up 11% year-on-year and 25% quarter-on-quarter [1][4]. - For the first three quarters of 2024, the company achieved revenue of 34.049 billion CNY, a decrease of 4% year-on-year, and a net profit attributable to shareholders of 3.189 billion CNY, down 7% year-on-year [1][4]. - The company’s energy storage battery shipments are expected to continue to grow rapidly, with a forecasted total shipment of approximately 80 GWh for 2024, representing a year-on-year increase of about 47% [1][10]. Financial Performance Summary - In Q3 2024, the company reported revenue of 12.39 billion CNY, a decrease of 1% year-on-year, and a net profit attributable to shareholders of 1.051 billion CNY, down 17% year-on-year [1][4]. - The gross margin for Q3 2024 was 19.01%, an increase of 0.67 percentage points year-on-year, while the net margin was 9.09%, a decrease of 1.66 percentage points year-on-year [4][9]. - The company’s total shipments of dynamic storage batteries for the first three quarters of 2024 reached 56.44 GWh, a year-on-year increase of 55%, with energy storage battery shipments growing by 95% year-on-year [1][10]. Future Outlook - The company is expected to maintain high capacity utilization rates for energy storage batteries, benefiting from a strong order backlog and improved profitability in the dynamic storage battery segment [1][10]. - The company is actively expanding its global strategy, having established partnerships with various international clients and progressing with the construction of its manufacturing bases in Malaysia and Europe [1][10].

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved total revenue of 34.049 billion CNY, with a net profit attributable to shareholders of 3.189 billion CNY, representing a 16% year-on-year increase in net profit after excluding non-recurring gains and losses [1] - The company’s energy storage battery shipment volume reached 35.73 GWh, a year-on-year increase of 115.57% [2] - The company’s power battery shipment volume was 20.71 GWh, showing a year-on-year growth of 4.96% [2] Group 2: Product Development and Market Position - The company’s consumer batteries, particularly lithium thionyl chloride batteries and supercapacitors, are leading the market, with monthly production and sales of consumer cylindrical batteries exceeding 100 million units [1] - The company ranks second globally in energy storage cell shipments for the first half of 2024 [2] - The company’s commercial vehicle battery market share in China reached 13.09%, an increase of 4.69% compared to the same period last year [2] Group 3: Strategic Initiatives and Global Expansion - The company is actively promoting global market expansion, with multiple projects in negotiation under the CLS global cooperation model [2] - The company has successfully launched a nickel metal project in Indonesia, with an annual production capacity of approximately 120,000 tons of nickel and 15,000 tons of cobalt [2] - The company is also collaborating with partners to establish a joint venture for an annual production of 110,000 tons of lithium iron phosphate in Yunnan [2] Group 4: Future Outlook and Market Trends - The company anticipates a strong growth trend in domestic energy storage demand, with projections indicating continued expansion in 2025 [5] - The company expects to achieve a total shipment target of 101 GWh for both power and energy storage batteries in 2025 [3] - The company is preparing for the increasing demand for high-capacity energy storage cells, with a focus on the 628Ah product line [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights significant growth in energy storage battery shipments and strong performance in consumer batteries, with expectations for improvement in power battery performance [5][6] - The company achieved a revenue of 34.049 billion yuan in the first three quarters, a year-on-year decrease of 4.16%, while net profit attributable to shareholders was 3.189 billion yuan, down 6.88% year-on-year [5] - The gross profit margin improved significantly to 19.01%, an increase of 3.45 percentage points quarter-on-quarter, attributed to higher capacity utilization and stable battery prices [5] - The energy storage segment saw a remarkable increase in profitability, with shipments reaching 35.73 GWh in the first three quarters, a year-on-year increase of 116% [5] - The company expects to maintain a growth rate of around 30% in the consumer battery segment in 2025, driven by increased capacity and new market opportunities [5] Financial Performance Summary - For 2024, the company forecasts net profit attributable to shareholders to be 4.22 billion yuan, with an EPS of 2.06 yuan [6][11] - The projected revenue for 2024 is 48.512 billion yuan, with a slight decrease of 0.6% year-on-year [7][11] - The gross profit margin is expected to improve to 18.1% in 2024, with a net profit margin of 8.7% [11] - The company anticipates a significant increase in energy storage battery shipments, reaching 52.6 GWh in 2024, with a growth rate of 100% [8][9] Market Comparison - The company is compared with peers such as CATL and BYD, with a projected PE ratio of 30-35 times for 2024, indicating a reasonable valuation range of 61.89 to 72.20 yuan [6][10] - The report notes that the global market for new energy vehicles is expected to grow by 27% in 2024, which will positively impact the power battery market [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Q3 performance met market expectations, with non-recurring profit slightly better than expected. The company reported a revenue of 34.1 billion yuan for the first three quarters of 2024, a decrease of 4% year-on-year, and a net profit attributable to shareholders of 3.2 billion yuan, down 7% year-on-year [2] - The company’s energy storage shipments increased significantly, with a total of 35.7 GWh shipped in the first three quarters, representing a 116% year-on-year increase. The total shipment expectation for the year is 80 GWh, a 47% increase year-on-year [2][3] - The profitability of energy storage has improved significantly, with an average price of nearly 0.4 yuan/Wh in Q3 and a gross margin of around 22%. The company expects stable pricing in Q4 and continued profitability [2][3] Financial Performance Summary - The company’s total revenue for 2023 is projected at 48.784 billion yuan, with a slight decrease to 47.801 billion yuan expected in 2024. The net profit attributable to shareholders is forecasted to be 4.131 billion yuan in 2024, reflecting a 2% year-on-year increase [1][9] - The earnings per share (EPS) for 2024 is estimated at 2.02 yuan, with a price-to-earnings (P/E) ratio of 24.48 [1][9] - The company’s cash flow from operating activities for 2023 is reported at 8.676 billion yuan, with a projected decrease to 6.806 billion yuan in 2024 [10] Market Data - The closing price of the company’s stock is 49.44 yuan, with a market capitalization of approximately 101.14 billion yuan [5] - The company’s price-to-book (P/B) ratio is 2.91, and the price-to-earnings (P/E) ratio is 24.97 [5][10] Future Outlook - The company is expected to maintain a strong growth trajectory in the energy storage sector, with shipments projected to exceed 105 GWh in 2025, representing a 35% year-on-year increase [2][3] - The target price for the company is set at 70 yuan, based on a P/E ratio of 26 for 2025 [2][3]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company's Q3 performance met expectations, with energy storage batteries accelerating their market release [2][4] - For the first three quarters of 2024, the company achieved revenue of 34.049 billion yuan, a year-on-year decrease of 4.16%, and a net profit attributable to shareholders of 3.189 billion yuan, down 6.88% year-on-year [2][6] - The company is expected to benefit from the growing demand for energy storage solutions and the anticipated recovery in the electric vehicle market [8][9] Financial Performance Summary - In Q3 2024, the company reported revenue of 12.390 billion yuan, a year-on-year increase of 1.30%, and a net profit of 1.051 billion yuan, down 17.44% year-on-year [2][6] - The gross margin for Q3 2024 was 19.01%, an increase of 0.67 percentage points year-on-year, while the net margin was 9.09%, a decrease of 1.66 percentage points year-on-year [7] - The company’s battery shipments for the first three quarters included 20.71 GWh of power batteries, up 4.96% year-on-year, and 35.73 GWh of energy storage batteries, up 115.57% year-on-year [7] Future Outlook - The company anticipates a release of multiple passenger vehicle models in Q4 2024, which is expected to boost demand [8] - The company is set to launch its 628ah large cell in Q4 2024, which aligns with the growing trend in long-duration energy storage [8] - Revenue projections for 2024-2026 are estimated at 48.892 billion yuan, 56.829 billion yuan, and 64.648 billion yuan, with respective year-on-year growth rates of 0.22%, 16.23%, and 13.76% [9][10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Views - The company reported a revenue of 34.05 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.2%, while the net profit attributable to shareholders was 3.19 billion yuan, down 6.9% year-on-year [2]. - The gross margin improved significantly in Q3, reaching 19.0%, driven by increased utilization rates and reduced raw material costs [3]. - The energy storage segment's profitability exceeded expectations, with a net profit margin over 10% due to improved operational efficiency [3]. - Future outlook includes full production and sales in energy storage, with new capacity expected to come online in December 2024 [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 12.39 billion yuan, a decrease of 1.3% year-on-year, but a slight increase of 0.4% quarter-on-quarter [2]. - The net profit for Q3 was 1.05 billion yuan, down 17.4% year-on-year, but the non-recurring net profit was 1.00 billion yuan, up 11.4% year-on-year [2]. Operational Analysis - The gross margin for the first three quarters of 2024 was 17.4%, an increase of 0.6 percentage points year-on-year, with a non-recurring net profit margin of 7.3% [3]. - The company shipped 7.2 GWh of power batteries and 14.8 GWh of energy storage batteries in Q3, with energy storage profitability significantly improving [3]. Future Outlook - The company plans to maintain full production and sales in the energy storage segment, with new production capacity expected to be operational by December 2024 [3]. - The power battery sales are anticipated to increase in Q4 due to the launch of new vehicle models, with expectations for full production by Q2-Q3 of the following year [3]. - The consumer battery segment is currently operating at full capacity, with expected production increases from the Malaysian factory in 2025 [3]. Valuation and Earnings Forecast - The projected net profits for the company from 2024 to 2026 are 4.35 billion, 5.68 billion, and 7.29 billion yuan, respectively, with corresponding P/E ratios of 21, 16, and 13 [4].

5亿元同比增长16%公司的话我们分为五大业务板块那在各个板块也对近期的工作做一个总结向大家进行一个汇报首先在消费电池板块公司的消费电池持续名炮交付能力不断的提升在本在本年本报告期内公司有几项产品 米亚流线域电池和电子电容器两项分别获得了国家级的制造业单项冠军在消费电池小援助产品这一块的话我们实现了月产销量突破1亿支那么此外在产能扩建这一块我们的成都工厂马来西亚工厂进展也非常顺利那么也将以进一步有效的满足客户的需求并而提升公司的消费电池板块的市占率 第二大板块是储能业务储能业务这一块的话公司前三季度累计出货35.73G瓦时从底增长115.5%那么根据第三方的数据统计公司目前的储能电信的出货量是在全球排名第二与此同时的话我们推出的王牌产品也相继取得了国内外一系列的认证 我们在客户端项目端的验证工作都在有序的开展第三个板块是公司的动力电池板块前三季度动力电池出货量是20.71几瓦时同比增长近5%在这个竞争压力车式的竞争压力强竞争压力下面也因为部分的客户的车型销售不及预期我们的装机量受到了一定的影响 但是我们始终坚持与合作伙伴一起去积极的应对市场的变化 响应需求截至三季度末我们在乘用车领域新增了多款配套的一个车型那么 ...