EVE(300014) 东吴证券·2025-03-04 13:02Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is positioned as a leading second-tier battery manufacturer with significant growth potential across four major segments: energy storage, commercial vehicles, passenger vehicles, and consumer batteries [8] - The company has achieved a comprehensive battery technology reserve, ranking second globally in energy storage battery market share, and is expected to see substantial growth through new products and international expansion [8] - The company has a stable leading position in lithium primary batteries and is experiencing high demand in consumer cylindrical batteries, with a strong contribution from its investment in Smoore [8] Summary by Sections Company Overview - The company has a rich product line and has successfully navigated through various industry cycles, focusing on differentiated development strategies in large cylindrical and large iron-lithium batteries [15][16] - The management team has extensive experience in the lithium battery industry, with a strong emphasis on technological advancement and strategic foresight [19][20] Business Structure - The company has achieved a compound annual growth rate (CAGR) of 54% in revenue over the past seven years, driven by balanced growth across multiple business segments [29][30] - The revenue forecast for 2024 is projected at 47.57 billion yuan, with a significant contribution from energy storage and power batteries [1] Energy Storage Batteries - The company has rapidly ascended to the second position in the global energy storage battery market, with a market share of 15.5% in 2024, and is expected to maintain a growth rate of 45% in shipments [42][45] - The global energy storage market is anticipated to grow significantly, with the company well-positioned to capitalize on this trend through its new product offerings and overseas production capabilities [42][44] Consumer Batteries - The company is experiencing robust demand for its consumer cylindrical batteries, with a projected shipment of 1.1 billion units in 2024, reflecting a 70% year-on-year increase [30] - The company maintains a leading position in the lithium primary battery market, with stable revenue growth and high profit margins [30][32]