EVE(300014)2024-11-03 02:30Investment Rating - The investment rating for the company is "Buy" with an expected return exceeding 10% relative to the CSI 300 index over the next six months [11]. Core Views - The company's non-net profit attributable to the parent exceeded expectations, with significant profit growth driven by high energy storage shipments [3]. - The company is a leading player in the lithium battery sector, actively expanding its production capacity both domestically and internationally, while maintaining a strong market share in energy storage [6]. - The overall profitability of the company is improving, with a notable increase in non-net profit attributable to the parent company by 11.4% year-on-year [3]. Summary by Relevant Sections Financial Performance - In the first three quarters of 2024, the company reported revenue of 34.05 billion yuan, a year-on-year decrease of 4.2%, and a net profit attributable to the parent of 3.19 billion yuan, down 6.9%. However, the non-net profit attributable to the parent reached 2.50 billion yuan, up 11.4% year-on-year, with a gross margin of 17.4% [3]. - The third quarter saw revenue of 12.39 billion yuan, with a year-on-year decline of 17.4% in net profit attributable to the parent, but a significant recovery in non-net profit, which increased by 11.4% quarter-on-quarter [3]. Market Trends - The global electric vehicle market is experiencing steady growth, with a 25.5% year-on-year increase in sales in the first three quarters of 2024, reaching 11.699 million units [3]. - In China, electric vehicle sales surged by 32.5% year-on-year, totaling 8.32 million units, with a notable increase in the sales of electric heavy trucks [3]. Business Segments - The company’s battery shipments for power and energy storage in the first three quarters of 2024 were 20.7 GWh and 35.7 GWh, respectively, marking year-on-year increases of 5.0% and 115.6% [3]. - The energy storage business is showing strong growth, with the company ranking second globally in energy storage cell shipments [3]. Strategic Initiatives - The company is actively pursuing global market expansion and has successfully launched its first CLS (Collaborative Logistics System) model project, with several more projects in negotiation [5]. - The supply chain strategy is robust, with successful production from the nickel project in Indonesia and a joint venture for lithium iron phosphate production [5].