EVE(300014) Guoxin Securities·2024-10-28 02:30Investment 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].