EVE(300014) 东吴证券·2025-03-04 13:25Investment 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 vehicle batteries, passenger vehicle batteries, and consumer batteries [8] - The company has achieved a strong foothold in the energy storage market, ranking second globally, and is expected to continue expanding its overseas production capacity [8] - The company’s revenue and profit forecasts for 2024-2026 are projected to grow, with net profits expected to reach 40.7 billion, 53.2 billion, and 75.1 billion yuan respectively [8] Summary by Sections Company Overview - The company has a rich history in the lithium battery industry, evolving through three main phases: focusing on lithium primary batteries, expanding into consumer lithium-ion batteries, and entering the power battery market [15][16] - The management team possesses deep technical backgrounds and strategic foresight, contributing to the company's competitive edge [19][20] Business Structure - The company has a balanced development across multiple business lines, with a compound annual growth rate (CAGR) of 54% in revenue over the past seven years [27][30] - The revenue from energy storage and power batteries is expected to exceed 370 billion yuan in 2024, driven by strong demand [30] Energy Storage Batteries - The company has rapidly ascended to the second position in global energy storage battery market share, with a projected shipment of 53 GWh in 2024, representing a 15.5% market share [42][45] - The global energy storage market is anticipated to grow significantly, with the company well-positioned to capitalize on this trend [42][44] Consumer Batteries - The company has a strong presence in the consumer battery market, with stable revenue growth and a focus on expanding overseas production capacity [30][32] - The company’s lithium primary batteries maintain a leading market share in China, contributing to consistent revenue growth [30][32]