EVE(300014) KAIYUAN SECURITIES·2024-10-30 02:00Investment 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]