EVE(300014) Guolian Securities·2024-10-25 14:01Investment 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]