Policy - The National Development and Reform Commission and the National Energy Administration of China issued the "Implementation Plan for the New Generation of Coal Power Upgrade Special Action (2025-2027)", aiming to upgrade existing coal power units and establish new ones with rapid load adjustment capabilities by 2027 [2] - The Ministry of Ecology and Environment of China announced the annual development of a list of key emission units for the national carbon emissions trading market, targeting industries like power generation, steel, cement, and aluminum smelting with direct emissions of 26,000 tons of CO2 equivalent [3] Events - Major players in the Chinese photovoltaic industry, including CATL and Sungrow, held a closed-door meeting to discuss preventing "involution" or excessive competition in the inverter and energy storage sectors, following previous initiatives to promote healthy industry development [6] - Tesla's Shanghai Gigafactory commenced the bulk export of the refreshed Model Y to international markets, with nearly 3,500 electric vehicles shipped, marking the first large-scale export of this model [7] International Developments - The U.S. Department of Energy is considering cutting nearly $10 billion in clean energy funding, which may halt funding for projects related to hydrogen, carbon capture, and energy storage, potentially leading to significant job losses [4] - The Trump administration granted exemptions to 66 coal-fired power plants from regulations on mercury and toxic air pollutants, aiming to circumvent stricter environmental standards set by the Biden administration [5] - Vietnam's government approved a revised power development plan aiming to significantly increase wind and solar power capacity, with a target to cease coal-fired power generation by 2050 [6]

Core Insights - The company reported a total revenue of 48.615 billion yuan for 2024, a slight decrease of 0.35% year-on-year, while the net profit attributable to shareholders was 4.076 billion yuan, an increase of 0.63% year-on-year [1] - The fourth quarter of 2024 saw a revenue of 14.565 billion yuan, representing a year-on-year increase of 9.89% and a quarter-on-quarter increase of 17.56% [1] - The growth in Q4 2024 was primarily driven by the increase in sales of power batteries, leading to improved profitability [1] Revenue Breakdown - Energy storage batteries generated 19 billion yuan in revenue for 2024, a year-on-year increase of 16%, with a shipment of 50.45 GWh, up 91.90% [2] - Power batteries had a revenue of 19.2 billion yuan in 2024, a decrease of 20%, with shipments of 30.29 GWh, an increase of 8% [2] - Consumer batteries achieved a revenue of 10.3 billion yuan in 2024, a year-on-year increase of 23% [2] Profitability Metrics - The gross margin for energy storage batteries was 14.96% in the second half of 2024, showing a slight increase [2] - The gross margin for power batteries improved significantly to 16.6%, up 5.2 percentage points quarter-on-quarter [2] - The gross margin for consumer batteries was 26.93% in the second half of 2024, a slight decrease of 1.4 percentage points [2] New Market Developments - The company is actively expanding into new markets such as BBU data center backup, eVTOL, drones, and humanoid robots [3] - The development of all-solid-state batteries is progressing, with a pilot line expected to be operational in 2025 [3] - The company plans to launch high-power all-solid-state batteries for hybrid power applications in 2026 [3] Financial Forecasts - The company has adjusted its net profit forecasts for 2025 and 2026 to 5.317 billion yuan and 6.769 billion yuan, respectively, reflecting a downward adjustment of 12% and 6% [3] - The current stock price corresponds to a price-to-earnings ratio of 15, 12, and 10 for the years 2025, 2026, and 2027, respectively [3] - The company maintains a "buy" rating due to strong competitiveness in energy storage products and the potential for profit growth from power battery sales [3]

2025 年 4 月 21 日 公司研究 储能消费电池优势维持，动力电池有望发力 ——亿纬锂能（300014.SZ）2024 年年报点评 要点 事件：亿纬锂能 24 年营业收入 486.15 亿元，同降 0.35%；归母净利润 40.76 亿元，同增 0.63%；扣非归母净利润 31.62 亿元，同增 14.76%。 单季度来看，24Q4 营业收入为 145.65 亿元，同增 9.89%，环增 17.56%；归 母净利润 8.87 亿元，同增 41.73%，环降 15.64%；扣非归母净利润 6.62 亿 元，同增 10.30%，环降 33.91%。公司 24Q4 业绩同比增长，主要系公司动力 电池上量带动盈利改善。24Q4 毛利率为 17.48%，环降 1.52pcts，同降 0.23pcts，净利率为 6.5%，环降 2.58pcts，同增 1.68pcts。 储能电池：24 年收入 190 亿元，同增 16%，出货 50.45GWh，同增 91.90%。 24H2 储能电池出货量 29.5GWh，均价 0.38 元/Wh，环比 24H1 略增，毛利率 为 14.96%，环比略增。公司 60GWh 超级工 ...

宁德时代成立两家新公司 4月15日，昆山润时新能源有限公司正式成立，法定代表人范一贞，注册资本246万元人民币。 昆山润时所属行业为电力、热力生产和供应业。股东信息显示，昆山润时由时代绿色能源有限公司100%持股，后者为宁德时代的全资子公 司。 4月11日，时代电服（上海）科技有限公司正式成立，法定代表人王烽，注册资本1亿元人民币。上海电服所属行业为科技推广和应 用服务 业。股东信息显示，上海电服由时代电服科技有限公司100%持股，后者为宁德时代的全资子公司。 宁德时代一季报营收利润双增 摘要显示，本申请属于电池技术领域， 具体公开了一种锌离子电池负极集流体及其制备方法、锌离子电池负极片、锌离子电池和用电装置。该 锌离子电池负极集流体包括：导电基体；金属沉积层，位于所述导电基体的至少一侧表面上，包括金属沉积材料，所述金属沉积材料包括金属 氟化物和金属硫化物中的至少一种，所述金属沉积材料中的金属包括铟、铋、锡、铜、镍中的至少一种。由此， 采用该锌离子电池负极集流体 的锌离子电池具有较高的循环稳定性和利用率。 4月15日，宁德时代披露2025年第一季度业绩报告。财报显示，报告期内，宁德时代实现营收847.05亿元 ...

Core Viewpoint - The global cylindrical battery market is undergoing a structural transformation driven by technological advancements and increased manufacturing efficiency, leading to a competitive landscape focused on diverse application scenarios [2][25]. Group 1: Market Dynamics - The cylindrical battery market is experiencing a shift, with a decline in shipments for power applications, particularly influenced by changes in Tesla's 21700 model sales, while electric two-wheelers and tools see significant growth [7][8]. - Chinese companies have rapidly increased their market share in cylindrical batteries, surpassing 40% globally in 2024, while Japanese and Korean manufacturers face declines [7][8]. Group 2: Technological Advancements - The adoption of large cylindrical batteries in high-end vehicles, such as BMW's next-generation electric models, marks a significant milestone, showcasing the commercial viability of this technology [3][4]. - The full-tab technology has matured, enhancing manufacturing precision and yield, allowing for rapid charging capabilities that meet market demands for ultra-fast charging [4][5]. Group 3: Competitive Landscape - Companies like EVE Energy, Xinwangda, and others are positioned to capitalize on the growing cylindrical battery market, with a focus on specific application scenarios to gain competitive advantages [6][25]. - The competition is intensifying as firms explore various technical strategies, including the use of lithium iron phosphate (LFP) and lithium manganese iron phosphate (LMFP) chemistries, which are becoming more prevalent in both large and small cylindrical batteries [15][19]. Group 4: Emerging Applications - The electric aviation sector, particularly eVTOL and high-end drone markets, is becoming a new battleground for cylindrical batteries, with a shift from soft-pack batteries to cylindrical designs due to their performance and safety advantages [10][11]. - Companies are developing new cylindrical battery solutions tailored for emerging markets, such as humanoid robots and backup power for AI data centers, indicating a diversification of applications [14][19]. Group 5: Future Outlook - The cylindrical battery market is expected to see significant growth, with projections indicating that large cylindrical batteries will dominate the electric two-wheeler market, potentially replacing smaller cylindrical batteries [21][25]. - The ongoing technological innovations and market demands are likely to reshape the competitive landscape of the cylindrical battery market in the coming years [25].

Group 1: Financial Performance - In 2024, the company reported a revenue of 48.61 billion yuan, a slight decrease of 0.35% year-on-year, while the net profit attributable to shareholders was 4.076 billion yuan, an increase of 0.63% year-on-year. The non-recurring net profit was 3.162 billion yuan, up 14.76% year-on-year [1] - For Q4 2024, the company achieved a revenue of 14.565 billion yuan, representing a year-on-year increase of 9.89% and a quarter-on-quarter increase of 17.56%. The net profit attributable to shareholders was 0.887 billion yuan, up 41.73% year-on-year but down 15.64% quarter-on-quarter [1] - The gross margin for Q4 2024 was 17.48%, a decrease of 0.24 percentage points year-on-year and a decrease of 1.53 percentage points quarter-on-quarter [1] Group 2: Product and Market Development - The company’s energy storage battery shipments reached 50.45 GWh in 2024, a significant year-on-year increase of 91.90%, securing the second position globally in energy storage cell shipments [1] - The company is advancing its overseas production capacity, with a storage project in Malaysia expected to begin mass production in early 2026, enhancing its global delivery capabilities [2] - The company is diversifying its product offerings, including gel semi-solid batteries for food-grade safety applications, solid-state batteries for hybrid applications, and significant advancements in lithium metal, sodium-ion, and hydrogen fuel cells [2] Group 3: Future Projections - The company is projected to achieve revenues of 62.3 billion yuan, 80.4 billion yuan, and 104.5 billion yuan from 2025 to 2027, with year-on-year growth rates of 28.2%, 28.9%, and 30.0% respectively [3] - The net profit attributable to shareholders is expected to be 5.3 billion yuan, 7 billion yuan, and 8.8 billion yuan for the same period, with growth rates of 29.6%, 31.6%, and 26.1% respectively [3] - The current price-to-earnings ratio is projected to be 15, 12, and 9 times for the years 2025, 2026, and 2027 respectively, reflecting the company's strong overseas capacity and comprehensive product layout [3]

插播 ：拒绝鱼龙混杂， 让优质项目脱颖而出！"2024-2025用户侧储能项目TOP10榜单"征集进行中。点击 "阅读原文" 进行申报 亿纬锂能犹如赛道上的骏马，不断加速奔跑，去年已成功跻身 储能 电池出货量 亚军 ，紧随行业领军者宁德时代之后。那么，现如今，亿纬锂能与 宁德时代之间还隔着多远的距离？ 为了精准描绘这一差距，行家说储能 细致研读了 两家公司最新的年报数据与历年财报，从 市值、 营业收入、净利润、出货量、毛利率 、 R OE 和资产负债率 等关键指标出发，并特别聚焦于储能业务的发展状况， 力求更全面展现这 两家 企业在 当前行业版图中的位置及其未来成长路径。 我们先看储能板块的整体情况，再对比公司的整体情况。 储能板块 从储能板块上看，两者在财报中储能业务的表述有所不同，亿纬锂能采用的是 "储能电池"，宁德时代则从2 021 年的 "储能系统"更改为"储能电池 系统"。 基于亿纬锂能财报中，在 2 022 年才开始单独披露储能相关表现。由此我们主要对比了近 3年来两家公司在储能板块上的表现。 接下来从两者的储能业绩表现、出货量和毛利率等角度分别展开对比。 ■ 近3年储能营收上：从相差近5倍缩短到 ...

4月17日，亿纬锂能披露2024年"成绩单"。 据 2024年年度报告显示， 亿纬锂能去年实现 营收486.15亿元 ，同比下降0.3%； 净利润40.76亿元，同比上升0.6% ； 扣非净利润 31.62亿元，同比增长14.76%。 单看第四季度， 亿纬锂能 营收145.7亿元， 净利润8.87亿元， 扣非净利润6.62亿元， 实现三线同增 ， 分别增长9.9%、 41.7%、 10.3%。 综合年报来看， 亿纬锂能过去一年的表现可圈可点，早已为业绩增长奠定了基础。 众所周知，亿纬锂能一直以 消费电池、动力电池、储能电池三大业务板块进行布局，其中消费电池业务包括锂原电池、小型锂离子电池、圆 柱电池，动力电池业务包括新能源汽车电池及其电池系统。 报告期内，亿纬锂能 消费、动力、储能三大板块均实现较大突破。 具体来看， 消费电池 营收103.22亿元，同比增长23.44%， 占营收比重21.23%。 其中，锂原电池产品包括 锂-亚硫酰氯电池、锂-二氧化锰电池、电池电容器（SPC）、复合电源ES等，适用于 各类智能表计、汽车电子、 智能安防、智慧医疗、定位追踪、资源监测等物联网及新兴产业。据悉，其锂亚硫酰氯电池（ ...

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% ...

证券代码：300014 证券简称：亿纬锂能 公告编号：2025-054 惠州亿纬锂能股份有限公司 关于控股股东部分股份解除质押及质押的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 截至本公告披露日，公司控股股东、实际控制人及其一致行动人累计质押股份数量为402,540,000 1 / 2 股东 名称 持股数量 （股） 持股比 例 本次质押前 质押股份数 量（股） 本次质押后 质押股份数 量（股） 占其所持 股份比例 占公司总 股本比例 已质押股份情况 未质押股份情况 已质押股份 限售和冻结 数量 占已质 押股份 比例 未质押股份 限售和冻结 数量 占未质 押股份 比例 亿纬 控股 655,064,787 32.02% 354,990,000 353,630,000 53.98% 17.29% 38,000,000 10.75% 9,656,870 3.20% 刘金成 77,430,681 3.79% 38,710,000 38,710,000 49.99% 1.89% 26,301,764 67.95% 31,771,247 82.05% 股，占其所持股 ...