EVE(300014) Haitong Securities·2024-10-26 12:12Investment 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]