Sinolink: Maintains Buy rating for Eve Energy Co., Ltd., bullish on the overall volume and profit increase in 2025.

Sinolink's research report points out that in 2024, Eve Energy Co., Ltd. (300014.SZ) is expected to have a non-recurring net income of 3.16 billion yuan, a year-on-year increase of 14.8%; the non-recurring net income for Q4 alone is estimated at 0.66 billion yuan, a year-on-year increase of 10%, but a quarter-on-quarter decrease of 34%. Excluding the impact of impairments and year-end bonuses, the operational profit remains stable quarter-on-quarter. It is expected that in 2025, the company's shipments of mobile storage batteries may reach 130GWh, with power batteries expected to be 50GWh and energy storage around 80GWh. With the rapid increase in electric commercial vehicles in the downstream and the volume release of Passenger Vehicles such as Xiaopeng and Leap Motor matching models, the unit profitability of power batteries is expected to improve significantly compared to 2024, while the profitability of energy storage batteries is expected to remain relatively stable. In consumer batteries, cylindrical batteries and small 3C batteries are expected to maintain high prosperity. The company’s energy storage and consumer batteries continue to be fully produced and sold, leading to continuous market share expansion, and the profitability of power batteries is significantly recovering, maintaining the Buy rating.