EVE(300014) 长江证券·2025-05-13 09:45Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 12.8 billion yuan in Q1 2025, representing a year-on-year growth of 37.3% but a quarter-on-quarter decline of 12% [3][9]. - The net profit attributable to the parent company was 1.1 billion yuan, showing a year-on-year increase of 3.3% and a quarter-on-quarter increase of 24% [3][9]. - The non-recurring net profit reached 820 million yuan, with a year-on-year growth of 16.6% and a quarter-on-quarter growth of 23.6% [3][9]. - The company’s overall gross margin stood at 17.16%, with stable margins for power batteries and a slight decline for energy storage batteries due to utilization rates [9]. Financial Performance - In Q1 2025, the company shipped 10.17 GWh of power batteries, a year-on-year increase of 57.58%, maintaining a market share of 13.41% in the domestic market [9]. - Energy storage battery shipments reached 12.67 GWh, marking a year-on-year growth of 80.54% [9]. - The company’s investment income for Q1 2025 was 120 million yuan, and the total expense ratio was 10.85%, showing a year-on-year decrease of 1.75 percentage points [9]. Future Outlook - The company is expected to benefit from increased production capacity and improved shipment structure in energy storage, leading to a potential recovery in profitability [9]. - Forecasted net profits for 2025 and 2026 are 5.1 billion yuan and 7.1 billion yuan, respectively, with corresponding price-to-earnings ratios of 18 and 13 times [9].