Quick Note - EVE Energy (300014 CH) (Buy) - 2Q26 profit alert

研报英文原文证据摘录

Quick Note - EVE Energy (300014 CH) (Buy) - 2Q26 profit alert

Global Markets Research

EVE Energy 300014.SZ 300014 CH 15 June 2026

EQUITY: TECHNOLOGY

Rating2Q26 profit alert Remains Buy

Target price CNY 100.00 RemainsQuick Note

Closing price

15 June 2026 CNY 58.77What happened?

EVE Energy announced a profit alert for 1H26 after markets closed on 15 June. According

to the announcement (link inChinese), the company achieved reported net profit growth

of 95-110% y-y to CNY3.13-3.37bn in 1H26, and recurring net profit growth of 110-125% Research Analysts

y-y to CNY2.43-2.60bn. The profit alert implies net profit of CNY1.68-1.93bn for 2Q26, Global EV Batteries & Materials

recording growth of 234-282% y-y or 16-33% q-q. Management attributed the positive Ethan Zhang - NIHK

growth to: 1) continued business expansion with around 60% y-y revenue growth in 1H26; ethan.zhang@nomura.com

and 2) effective efforts to mitigate the impact of material price hike with stable profitability +852 2252 2157

for the core business. China Autos & Auto Parts

Our view Joel Ying, CFA - NIHK

The profit alert indicates a net profit margin of 6.9-7.9% for the company in 2Q26, based joel.ying@nomura.com

+852 2252 2153on an implied 59% y-y or 18% q-q revenue growth to CNY24.4bn, which sequentially

improved from a net margin of 7.0% in 1Q26. We believe the profit alert is in line with our Advanced Manufacturing

expectations and helps to ease market concerns about the negative impact of material Frank Fan - NIHK

cost inflation on EVE’s margin profiles. We believe the company is on track to benefit frank.fan@nomura.com

from: 1) solid ESS demand growth momentum; 2) penetration of new products such as +852 2252 2195

large cylindrical batteries, and 3) first-mover advantage of the overseas ESS battery plant