Dongwu Securities: Maintain a "buy" rating for Eve Energy, with a target price of 92 yuan.

Dongwu Securities research report pointed out that the turning point in the operation of Yiwei Lithium Energy has arrived, with the potential for both quantity and profit to increase. The company shipped 27.3GWh in Q2 of 25 years, up 30% / 21% year-on-year, and the capacity utilization rate reached 90% in June. We predict that the company will ship 130GWh in 25 years, an increase of 60%, and is expected to reach 200GWh in 26 years, an increase of over 50%. The company is expected to maintain high-speed growth in 27 years. In terms of profitability, battery prices have bottomed out, energy storage continues to be fully produced and sold, and the utilization rate is expected to continue to increase with the release of popular models from Xiaopeng and Lingpao. In addition, the joint venture material factory is expected to be profitable soon. We predict a substantial improvement in operations in Q3, and with the launch of new products such as large cylindrical and large iron lithium in 26 years, as well as a large-scale release in overseas markets, the profit per wh is expected to further increase. The dynamic storage business is expected to contribute 7 billion in profit, and the profit elasticity in 26-27 years is promising. The company is creating differentiated products, with full orders for large cylindrical and large iron lithium, and the layout in 26 years is expected to yield results. Considering the downstream demand exceeding expectations, we maintain the company's net profit attributable to the mother in 25 years at 4.7 billion yuan, an increase of 16%. Considering the company's high-speed growth in shipments, we give a 25x valuation for 26 years, with a target price of 92 yuan, and maintain a "buy" rating.