Guohai Securities: Maintains a "buy" rating on Eve Energy, Overseas Localization Strategy Continues to Advance

Guo Hai Securities research report pointed out that in the supply and demand aspect of the lithium battery industry, the sustainability of demand can be expected, and the competitive landscape is expected to become clearer. Looking at Eve Energy: consumer energy storage establishes a solid foundation, with a turning point in operations, overseas production capacity construction and new product volume grasp new opportunities. Deep accumulation supports the continuous expansion of scenarios and product solutions, and the stable basic plate of consumer batteries has been established. With cost-effectiveness, energy storage batteries have achieved high shipment growth, and new product iterations combined with customer capacity dual internationalization lay the foundation for sustainable growth; the original production capacity of power batteries is gradually emerging from a low point, and the volume of large cylindrical new products is expected to open up the company's long-term expansion space. Internally, the company's investment tends to be stable, and its self-generation ability is gradually improving. The company's consumer and energy storage business has formed a solid foundation, and there is still growth potential. The continuous promotion of overseas localization layout and the volume of large cylindrical new products are expected to fully open up growth space, maintaining a "buy" rating.