2025 年 4 月 19 日 公司研究 积木式充换电系统解决重卡痛点，海外布局深入 ——国轩高科（002074.SZ）跟踪报告 要点 电动重卡行业景气度提升。据高工锂电，2025Q1，新能源乘用车、商用车领域 增长势头强劲，销量同比增长接近 50%。其中，新能源重卡赛道增速较高，销 量超 2.3 万辆，同比增长超 1.5 倍。在重卡领域，公司客户覆盖吉利、一汽、 三一、江淮、陕汽等众多知名企业。 换电重卡降低购车和运营成本。对于新能源重卡，补能效率为其最大痛点，快 充、换电两种补能方案并驾齐驱。快充方面，电池企业都面向新能源重卡的商 用场景推出了快充型商用车电池，并布局超快充换电网络。换电方面，换电重 卡采用车电分离模式，可显著降低初始购车成本。电池资产由运营商持有，叠 加电价低于油价的优势，综合运营成本可降低 3-6 万元/年。 公司积木式充换电系统，解决行业痛点。4 月，公司在 2025 国际储能展览会 （ESIE2025）上发布了全球首款积木式充换电系统，通过模块化设计，为纯电 重卡等专用车辆提供五分钟极速换电解决方案，可根据需求灵活调整电池包数 量，实现"电找车"，大大节省建设固定充换电站的成本。此 ...

证券代码：002074 证券简称：国轩高科 公告编号：2025-007 国轩高科股份有限公司 关于公司对外担保进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 （一）本次对外担保进展情况介绍 根据经营发展需要，国轩高科股份有限公司（以下简称"公司"）与银行等金 融机构于近日签署相关对外担保合同，为公司全资或控股子公司融资授信等提供 对外担保。具体情况如下： | 序 | 被担 | 担保额度 | 授信单位 | 担 保 | 担保期间 | 合同签订 | | --- | --- | --- | --- | --- | --- | --- | | 号 | 保方 | （万元） | | 方 | | | | | | | | 式 | | | | | | | | 连 | | | | | | | 中国邮政储蓄银 | 带 | 主债务合同项下债 | 《国内贸易融资担保保证合 | | 1 | | 4,950.00 | 行股份有限公司 | 责 | 务履行期限届满之 | 同》（合同编号：PSBC-34- | | | | | 合肥市分行 | 任 | 日起三年 | | ...

宁德时代、亿纬锂能、海辰储能、比亚迪、远景动力、瑞浦兰钧、国轩高科、楚能新能源、中创新航、鹏辉能源、赣锋锂电 、 LG 新能源、 三星 SDI 、中天储能、 南都电源、天合储能、海四达、昆宇电源、欣旺达、力神电池、天弋能源、德赛电池、松下、派能科技、新能安、双 登、多氟多、海基新能源、珠海冠宇和豪鹏科技。 竞争格局变化： 宁德时代继续蝉联第一，但是与第二名份额差距缩小，亿纬锂能首次进入第二， 日韩 电池企业份额明显下降，三星 SDI 、 LG 新能源的排名首次跌出前 10 ，中国企业份额大幅度上升。全球储能锂电池 TOP10 企业均为中国企业。其中亿纬锂能、海辰储能、远景 动力、国轩高科、楚能新能源、中创新航、赣锋锂电、海四达、昆宇电源、多氟多、天弋能源等企业排名上升，珠海冠宇、豪鹏科技首次进入 榜单。 近日，全球新能源产业研究机构 -- 起点研究院（ SPIR ）发布了《 2025 全球储能锂电池 行业白皮书》， SPIR 数据显示， 2024 年全球 储能锂电池电芯出货量为 435.8Gwh ，同比增长 81% 。 2024 年全球储能锂电池出货量 CR5 为 53.5% ，相比 2023 年下降 5% ...

Investment Rating - The investment rating for the industry is "Outperform" [1] Core Insights - The overall automotive market in China is maintaining a good development trend, particularly in the new energy vehicle (NEV) sector, which continues to show high growth [4][11] - In March 2025, automotive production and sales reached 3.006 million and 2.915 million units, respectively, with year-on-year growth of 11.9% and 8.2% [11] - The NEV market in China saw production and sales of 1.277 million and 1.237 million units in March 2025, representing year-on-year growth of 47.9% and 40.1% [40][45] Summary by Sections 1. Automotive Market - In March 2025, the total automotive production and sales in China were 3.006 million and 2.915 million units, with a month-on-month increase of 42.9% and 37% [11] - From January to March 2025, total automotive sales reached 7.47 million units, showing a year-on-year increase of 11.2% [11] - The domestic automotive sales in March were 2.409 million units, with a year-on-year increase of 9.9% [16] 2. New Energy Vehicle Market - Global NEV sales reached 1.217 million units in February 2025, a year-on-year increase of 49%, with pure electric vehicle sales at 814,000 units, up 58% [5][32] - In March 2025, NEV sales in China accounted for 42.4% of total automotive sales, with cumulative sales from January to March reaching 3.182 million units, a year-on-year increase of 50.4% [45][49] - The market share of NEVs in China reached 19% globally, with significant growth driven by previous price wars in the Chinese market [5][32] 3. Lithium Battery Market - In March 2025, the total production of power and other batteries in China was 118.3 GWh, with a year-on-year increase of 54.3% [58] - The cumulative production from January to March 2025 was 326.3 GWh, showing a year-on-year growth of 74.9% [58] - The export of power and other batteries in March reached 23.0 GWh, with a year-on-year increase of 75.3% [65]

Investment Rating - The report does not explicitly state an investment rating for the lithium battery export industry Core Insights - The lithium battery export industry refers to the expansion of Chinese lithium battery companies into overseas markets, covering the production and sales of both power and energy storage batteries, with significant growth driven by global energy transition and surging demand in electric vehicles and energy storage markets [3][4][36] - The industry is characterized by deepening internationalization, collaboration among equipment manufacturers, and challenges such as demand slowdown and increasing trade barriers [10][11][12] Summary by Sections Industry Definition - The lithium battery export industry encompasses the global production and sales of power and energy storage batteries by Chinese companies, involving overseas manufacturing, supply, equipment exports, and international collaborations [4] Industry Classification - The industry can be classified based on the method of overseas expansion, which includes overseas supply and overseas manufacturing [5][6] Overseas Supply - In 2024, China exported 3.91 billion lithium batteries worth $61.12 billion, with overseas supply remaining the mainstream approach, especially for emerging markets [7] Overseas Manufacturing - Over 20 lithium battery companies have established manufacturing bases overseas, particularly in response to local production requirements driven by policies like the US IRA [8] Industry Characteristics - Key characteristics include deepening internationalization, the export of lithium battery equipment manufacturers, and challenges from demand slowdown and trade barriers [10] Development History - The industry has evolved from primarily overseas supply before 2020 to accelerated overseas capacity layout post-2020, with significant investments in manufacturing bases abroad [15][17] Industry Chain Analysis - The lithium battery export industry chain includes upstream material and equipment manufacturers, midstream battery manufacturers, and downstream customers in the new energy vehicle and energy storage sectors [19][20] Market Size - The market size of the lithium battery export industry grew from $15.943 billion in 2020 to $61.110 billion in 2024, with a projected CAGR of 39.92% [36] Future Market Changes - Future changes in the market are influenced by global energy transition, technological innovation, and policy support, with expectations of continued growth in overseas demand for energy storage solutions [41][42][44] Competitive Landscape - Leading companies like CATL and BYD dominate the market due to their technological advancements, scale effects, and comprehensive supply chains, with emerging players like EVE Energy and Guoxuan High-Tech also gaining market share [47][49]

Investment Rating - The report assigns a "Buy" rating to several companies in the battery industry, including Ningde Times, Yiwei Lithium Energy, Guoxuan High-Tech, and others, with target prices indicating significant potential upside [1][18]. Core Insights - The battery industry is experiencing robust supply and demand, with a notable increase in the production and installation of power batteries. In Q1 2025, the total production and sales of power and other batteries in China reached 326.3 GWh and 285.8 GWh, respectively, marking year-on-year growth of 74.9% and 73.7% [2][18]. - The cumulative installation of power batteries in Q1 2025 was 130.2 GWh, reflecting a year-on-year increase of 52.8%. In March alone, the installation volume reached 56.6 GWh, with significant month-on-month growth [2][18]. - The report highlights the impact of tariffs on the export of energy storage batteries to the U.S., indicating potential short-term fluctuations. In 2024, China's lithium-ion battery exports to the U.S. amounted to $15.315 billion, with energy storage batteries being a major product [2][18]. Summary by Sections Production and Sales - In Q1 2025, China's total battery production and sales reached 326.3 GWh and 285.8 GWh, respectively, with year-on-year growth rates of 74.9% and 73.7% [2][18]. - The power battery installation volume in March 2025 was 56.6 GWh, showing a month-on-month increase of 62.3% [2][18]. Market Dynamics - The market concentration for power battery installations slightly decreased, with the top three and five companies holding 71.7% and 80.6% market shares, respectively [2][18]. - Ningde Times' market share in power battery installations decreased by 2.1 percentage points to 42.4% in March 2025 [2][18]. New Product Developments - Several companies, including BYD and Yiwei Lithium Energy, have launched new battery products aimed at electric two-wheelers and power tools, showcasing advancements in power density and charging capabilities [2][18]. Strategic Collaborations - Ningde Times has entered into a strategic cooperation agreement with NIO to support the development of NIO's battery swap network, indicating a proactive approach to market expansion [2][18]. Export Trends - The report notes that energy storage batteries are significantly affected by recent tariff increases, with expectations of shared burdens between Chinese storage companies and U.S. end-users in the short term [2][18].

此次起草单位囊括多家主要电池企业、整车厂以及检测 / 测试机构。其中电池企业包括 宁德时代、国轩高科、比亚迪、中创新航、亿纬锂 能、瑞浦兰钧、欣旺达、蜂巢能源、天津力神 ，由各自企业首席技术官代表出席， 比如宁德时代 首席科学家 吴凯、比亚迪 锂电池有限公司 首席技术官（ CTO ）孙华军 等 。 在新能源汽车 安全 推向舆论风口浪尖 的当下，被业界称为 "史上最严电池安全令"的新规来了！ 4 月 3 日，工信部正式发布 GB38031-2025 《电动汽车用动力蓄电池安全要求》，这一被称为"史上最严电池安全令"的新规将于 2026 年 7 月 1 日起实施。 新国标首次将 "不起火、不爆炸"从企业技术储备上升为强制性要求，彻底终结了行业对热失控风险的侥幸心理，标志着动力电池安全进入"零 容忍"时代。 据工信部发布的编制说明显示，截至今年 2 月，对 36 家整车与电池企业的调研显示， 78% 的企业已掌握动力电池不起火、不爆炸的技 术，而剩余 14% 的企业预计在 2026-2027 年间也将达到此技术水平。基于此，新标准计划于 2026 年正式实施。 01 三大核心升级 1、热扩散绝对安全 触发手段升级： ...

国轩高科在储能业务上继续突飞猛进。 在近期公开场合，国轩发布了一系列新品，涵盖积木充换电、第三代智能移动储能充电车、 7MWh 储能系统舱、 Gotion EDGE 261KWh 工商业储能柜、下一代 588Ah 、 600Ah+ 大储电芯等。 不过产品需要有项目才能发挥热量，起点锂电获悉，国轩高科近期储能项目上接连斩获订单。 01 四大储能项目落地 1、 美国宾夕法尼亚州储能项目 近日， 国轩高科与 Anza RE 及 Williams 公司合作开发 的宾夕法尼亚州 Millville 与 Factoryville 共计 54MWh 储能项目已 顺利 交付。 2、 日本宫崎县储能项目 国轩高科与 Sunhome 计划 日本宫崎 县首府宫崎市建设 10MWh 储能项目 ， 国轩高科 将为此提供 液冷储能系统 和 磷酸铁锂电芯， 该项 目 预计 今年 Q2 交付。 3、 日本冲绳县宫古岛项目 国轩高科与冲绳 本地公司 EPC Nextems 合作的 宫古岛 12MW/68.4MWh 储能项目已完成交付， 国轩同样为其提供储能系统与电芯，此 外国轩在日本大阪、茨城县等地也有相关项目 。 4、 台湾省高雄市储能项目 ...

Core Viewpoint - The energy storage industry is witnessing a surge in strategic partnerships and significant order signings, indicating a robust growth trajectory for companies involved in this sector. Group 1: Company Collaborations - EVE Energy has signed a total of 11GWh in cooperation orders, including a 10GWh strategic partnership with Wotai Energy and a 1GWh framework agreement with Weisheng Energy Technology, bringing its total cooperation orders for 2025 to 61GWh [2][3] - Haier New Energy has established a procurement agreement worth 500 million yuan with over ten ecological partners, focusing on various energy storage scenarios [10][12] - Guoxuan High-Tech has entered into multiple storage project collaborations, including a 100MW/290MWh project in Kaohsiung, Taiwan, expected to be delivered by mid-2025 [14][15] Group 2: Market Projections - EVE Energy anticipates a storage shipment volume of 50-55GWh in 2024 and 75-80GWh in 2025, reflecting a growth rate of approximately 45% [9] - Haier New Energy aims to accelerate its market presence in commercial energy storage, with a preliminary development cooperation intention of 100MWh [10][12] - Guoxuan High-Tech has solidified its global presence with over 7GWh in future cooperation agreements signed at the BATTERYJAPAN exhibition [15]

Battery - EVE Energy signed a strategic cooperation agreement with KION Battery Systems GmbH to provide 21700 cylindrical battery solutions for European logistics vehicles [1] - Mullen Automotive partnered with Enli Power to produce semi-solid batteries, aiming for full production by early 2026, utilizing SWIFT series SSB batteries with silicon anode technology [2][3] - Chongqing government released a plan to establish 2,040 supercharging stations and 4,000 charging piles by 2025, focusing on intelligent and convenient infrastructure [4] - Guoxuan High-Tech collaborated with Anza RE and Williams to develop a total of 54MWh energy storage projects in Pennsylvania, USA [5] - CATL received approval to list on the Hong Kong Stock Exchange, confirming its market expansion strategy [6] - Guoxuan High-Tech is developing two energy storage projects in Japan, with a total capacity of 22.4MWh, expected to be delivered by 2025 [7][8] - CATL established a new AI company focusing on various technology developments, including artificial intelligence applications [9][10] Materials - Jiangxi Copper's new project for silicon-carbon anode materials aims to achieve a production capacity of thousands of tons upon full operation [11][12][13] Overseas - Four major European EV charging companies formed the Spark Alliance to create the largest public charging network in Europe, covering 25 countries with over 1,700 charging stations and 11,000 charging points, surpassing Tesla's network [14][15]