EVE(300014)2024-11-02 04:00Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's performance in the first three quarters of 2024 met expectations, with total revenue of 34.05 billion and a net profit attributable to the parent company of 3.19 billion, representing a 16% year-on-year growth in net profit after excluding non-recurring gains and losses [1][2] - The energy storage segment continues to grow rapidly, with a battery shipment volume of 35.73 GWh in the first three quarters, a year-on-year increase of 115.57%, positioning the company as the second-largest global supplier of energy storage cells in the first half of 2024 [2] - The company's power battery shipments reached 20.71 GWh, a year-on-year increase of 4.96%, with expectations for improved profitability in Q4 2024 as vehicle models gradually ramp up production [2] - The consumer battery segment is also showing stable growth, with monthly production and sales of cylindrical batteries exceeding 100 million units, and the company is actively expanding its global presence [2] Financial Summary - The forecast for net profit attributable to the parent company for 2024-2026 is adjusted to 4.28 billion, 5.33 billion, and 6.42 billion respectively, with year-on-year growth rates of 8.2%, 23.9%, and 20.2% [3] - As of November 1, the company's market capitalization corresponds to a PE ratio of 22.4 for 2024 and 18 for 2025, maintaining a "Buy" rating [3] - Key financial indicators for 2024E include total revenue of 47.96 billion, net profit of 4.28 billion, and a gross margin of 16.8% [3][4]