EVE(300014) 银河证券·2025-04-24 03:09Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company is expected to benefit from the recovery of the global 3C consumer electronics market, with leading positions in energy storage scale and technology, and improving profitability in the power battery sector. The overseas market competitiveness is anticipated to increase with the release of production capacity [5] - The company achieved a revenue of 48.6 billion yuan in 2024, a slight decline of 0.3% year-on-year, while the net profit attributable to the parent company was 4.1 billion yuan, an increase of 0.6% year-on-year. The gross margin and net margin were 17.4% and 8.7%, respectively [5] - The company’s energy storage battery shipments reached 50.5 GWh in 2024, a significant increase of 92% year-on-year, ranking second globally with revenue of 19 billion yuan, a growth of 16% year-on-year. The power battery shipments were 30.29 GWh, up 7.9% year-on-year, although revenue declined by 20% due to intensified competition [5] - The company is actively exploring new fields such as humanoid robots and low-altitude products, with successful sample deliveries and orders in commercial drones and AI glasses [5] Financial Forecast Summary - Revenue is projected to grow from 48.6 billion yuan in 2024 to 61.9 billion yuan in 2025, and further to 77.0 billion yuan in 2026, with growth rates of -0.35%, 27.38%, and 24.38% respectively [2][7] - The net profit attributable to the parent company is expected to increase from 4.1 billion yuan in 2024 to 5.7 billion yuan in 2025, and 7.6 billion yuan in 2026, with growth rates of 0.63%, 40.25%, and 32.36% respectively [2][7] - The diluted EPS is forecasted to rise from 1.99 yuan in 2024 to 2.79 yuan in 2025, and 3.70 yuan in 2026 [2][7] - The company’s gross margin is expected to improve slightly from 17.41% in 2024 to 18.27% in 2025, and 18.59% in 2026 [2][7] Market Data - The company's stock code is 300014.SZ, with a closing price of 39.99 yuan as of April 18, 2025. The total market capitalization is approximately 74.44 billion yuan [3]