EVE(300014) Soochow Securities·2024-10-26 06:30Investment 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]