全球知名汽车制造大国——泰国，不完全统计已吸引六大锂电池企业入境布局，具体包括宁德 时代、比亚迪、亿纬锂能、国轩高科、蜂巢能源以及欣旺达。 宁德时代方面 ，2023年6月，与泰国国家石油PTT集团子公司Arun Plus达成CTP合作协议，提 供CTP电池包生产线和技术支持。同时，双方将致力于满足当地电动车生产需求，助力泰国成 为东南亚地区的电池生产中心。 比亚迪方面 ，在泰国投资建设了首个海外乘用车工厂，生产的车型主要包括比亚迪海豚/海豹/ 元PLUS（ATTO 3）等，同时该厂实现了整车四大工艺和零部件的生产。其中，配套搭载的电 芯也是在泰国工厂进行生产。 亿纬锂能方面 ，2023年7月，与泰国Energy Absolute签订谅解备忘录，双方拟在泰国共同组建 合资公司，建设至少6GWh年产能的电池生产基地，同时积极合作开拓泰国及东南亚市场的电 动汽车和储能业务。 国轩高科方面 ，2022年与PTT集团旗下Nuovo Plus达成合作，2023年12月，国轩高科泰国工 厂首款电池产品正式下线，成为了首家在泰国实现电池包本土生产的企业。工厂一期电池包规 划产能为每年2GWh，未来根据市场需求计划扩大到每年8 ...

统一社会信用代码：91210106MAC3LHQP22 类型：有限责任公司（法人独资） 住所：辽宁省沈阳市沈阳经济技术开发区开发大路82号 证券代码：300014 证券简称：亿纬锂能 公告编号：2025-020 惠州亿纬锂能股份有限公司 关于子公司沈阳亿纬完成工商变更登记的公告 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。 惠州亿纬锂能股份有限公司（以下简称"公司"）子公司沈阳亿纬锂能有限公司 （以下简称"沈阳亿纬"）因经营管理需要，对住所进行了变更，其他信息不变。 近日，沈阳亿纬已完成工商变更登记手续，并取得了沈阳市铁西区市场监督管理 局核发的《营业执照》。具体信息如下： 名称：沈阳亿纬锂能有限公司 惠州亿纬锂能股份有限公司董事会 2025 年 3 月 14 日 1 / 1 法定代表人：李沐芬 注册资本：30,000万元人民币 经营范围：一般项目：新兴能源技术研发，电池制造，电池销售，新材料技术研 发，合成材料制造（不含危险化学品），合成材料销售，新能源汽车废旧动力蓄电池回 收及梯次利用（不含危险废物经营），汽车零部件及配件制造，电子专用设备销售，电 力电子 ...

Summary of the Earnings Call for EVE Energy Co., Ltd. Industry and Company Overview - The call discusses EVE Energy Co., Ltd., a company in the lithium battery and energy storage industry, focusing on its performance and future prospects in the context of the current market dynamics [2][3]. Key Points and Arguments Strong Business Performance - EVE Energy's core business is performing strongly, particularly in the power battery segment, with a significant increase in the application of large cylindrical batteries [3]. - The company has made notable progress in its energy storage business, with expectations of positive contributions from overseas production capacity, especially in Malaysia [3][4]. Market Position and Growth - In 2024, EVE Energy's domestic power battery installation reached 18.68 GWh, a 65% year-on-year increase, ranking fifth in China and ninth globally with approximately 20 GWh installed [4][5]. - The company anticipates a further increase in market share, particularly in the commercial vehicle sector, due to new model launches and overseas shipments of large cylindrical batteries [4][5]. Response to Tariffs and Market Challenges - EVE Energy plans to mitigate the impact of U.S. tariffs by increasing overseas production capacity, particularly in Malaysia, which is expected to enhance international competitiveness [4][6]. - The anticipated tariff adjustments could lead to a 20%-30% growth in overseas market shipments, ensuring performance certainty [4][6]. Future Performance Expectations - The company expects to turn a profit in its power battery segment by 2025, with significant contributions from energy storage capacity in 2026 [7]. - EVE Energy's projected power battery installation for 2025 is 25 GWh, exceeding previous expectations, with a total shipment forecast of 110 GWh for 2025 and 144 GWh for 2026 [8][20]. New Customer Acquisition - EVE Energy has successfully acquired new customers, with first-quarter data outperforming peers, indicating a clear expectation for increased volume from new clients [8]. - Notable clients include Xiaopeng Motors, which has shown strong performance since Q4 of the previous year [8]. Energy Storage Business Impact - In 2024, energy storage shipments accounted for 50 GWh of a total 70 GWh, with expectations for continued growth in 2025 [12]. - The company focuses on high-end markets and high-cycle life products, avoiding price wars, which mitigates the impact of policy changes on its overall volume [12]. Emerging Market Opportunities - Demand in emerging markets such as Africa, the Middle East, Australia, and South America is rapidly increasing, with project totals exceeding 40 GWh expected to start deliveries by year-end [13]. - EVE Energy has secured numerous overseas customer orders, positioning itself well to meet demand despite U.S. tariff challenges [13]. Cost Control and Production Efficiency - The company aims to improve production capacity utilization, which is expected to enhance cost control and profitability [16]. - A conservative estimate suggests a potential profit of 0.01 to 0.015 CNY per share, translating to approximately 1 billion CNY in growth [10]. Technological Advancements - EVE Energy has established a clear technological roadmap, with large cylindrical batteries already receiving attention from international clients [17]. - The company is adapting to changing application scenarios, particularly in the PHEV market, which is expected to drive demand for high-performance battery products [17]. Investment and Market Outlook - Despite current market oversupply affecting investment returns, there is optimism for long-term growth as supply chain conditions stabilize [22]. - EVE Energy's valuation is considered low compared to leading companies in the lithium battery sector, indicating strong future growth potential [7][21]. Additional Important Insights - The company is not participating in the price war in the energy storage market, focusing instead on maintaining product quality and market position [12]. - The impact of ITC subsidies and tariff changes on profitability is being closely monitored, with strategies in place to adapt to potential increases in tariffs [14][15]. This summary encapsulates the key insights from the earnings call, highlighting EVE Energy's strategic positioning, market dynamics, and future growth prospects in the lithium battery and energy storage industry.

固态电池：变革下的机遇 分析师：杨睿 SAC NO：S1120520050003 证券研究报告|行业深度研究报告 分析师：李唯嘉 SAC NO：S1120520070008 联系人：王涵 2025年3月13日 请仔细阅读在本报告尾部的重要法律声明 摘要 为什么要发展固态电池技术？ 追求电池性能，固态电池优势显著。根据液态电解质的含量，电池可分为液态(电解液质量占比为10wt%-25wt%)、半固态(5wt%-10wt%)、准固态 (0-5wt%)和全固态(0wt%)四类，其中半固态、准固态和全固态统称为固态电池。固态电池具备诸多优势，包括更高的安全性、能量密度、循环寿 命、机械强度，更宽的温度适应性和材料选择性等，其中高安全+高容量为固态电池核心优势。 固态电池发展到哪一阶段？ 产业化进展：日本先行，中国引领，美韩加速。日本研发固态电池多年，丰田等技术较为领先；在三星SDI、LG、SK等优质动力电池厂 商的共同推进下，韩国固态电池技术得以发展；美国则依靠初创企业攻克固态电池技术。中国在锂电技术方面具备全球领先实力，为固态 电池的发展奠定坚实的基础。在国家的政策支持以及产业链各方不断发力的推进下，包括比亚迪、一 ...

其中，纯电动汽车销量占新能源汽车比例为60%，较去年下降10.4个百分点；插混汽车销量占新能源汽车比例为40%，较去年提 高10.4个百分点，成为带动新能源汽车增长的新动能。 市场预计， 2025年中国新能源汽车销量预计将达到1700万台以上。 随着一众国内自主汽车品牌跟随着理想、华为等的步伐增 加增程动力新车型的投放， 预计当年插混车型占新能源汽车的比例将继续增长到45%-50%。 2023年锂电全产业产能过剩浪潮"席卷"，行业景气度下滑，调整周期加速到来。2024年锂电行业经历"终端需求放缓、价格探 底、停产减产"等市场调节后，驶入新阶段。 行至2025年，锂电新能源行业又将如何发展？在此，起点锂电根据2024年市场表现以及2025年热点事件，判断了锂电行业10大 发展趋势，如有不同思考，欢迎交流探讨。 01 新能源汽车增速平缓 插混市场打开上升空间 新能源汽车市场将延续2024年发展态势，插混市场为主要增长动力。 数据显示，2024年中国新能源汽车产销分别完成1288.8万辆和1286.6万辆，同比分别增长34.4%和35.5%，新能源新车销量达到 汽车新车总销量的40.9%。 反映到电池端，插混市场将 ...

Core Viewpoint - The large cylindrical battery industry is entering a new phase of rapid industrialization, driven by technological advancements, increased production capacity, and diverse market demands [2][4][7]. Group 1: Market Demand and Production Capacity - Tesla announced that its 4680 battery capacity has reached 17 GWh, while Yunshan Power has launched a 1.5 GWh mass production demonstration line for large cylindrical batteries [3]. - BMW confirmed that its next-generation large cylindrical battery will be installed in the sixth-generation eDrive system models, with mass production expected at its Shenyang plant by 2026 [3][4]. - Companies like CATL, EVE Energy, and others have reported progress in production capacity and technology upgrades, indicating a strong signal for the application of large cylindrical batteries in vehicles [4][11]. Group 2: Emerging Applications - Large cylindrical batteries are ideal for various emerging applications due to their high energy density, safety, and longevity, including eVTOL, humanoid robots, and AI data centers [5][6]. - The demand for lithium batteries in humanoid robots is projected to reach 50-80 GWh by 2030, highlighting a significant growth opportunity for large cylindrical batteries [7]. - NVIDIA's plan to include Battery Backup Units (BBUs) in its new generation servers indicates a shift in data center power systems, creating new application spaces for large cylindrical batteries [7]. Group 3: Technological Advancements - The combination of "semi-solid + large cylindrical" batteries is being gradually applied in the eVTOL market, showcasing the technological versatility of large cylindrical batteries [6]. - Companies are focusing on improving production processes and yield rates, with a goal to reduce manufacturing costs while enhancing standardization and overall performance [13]. Group 4: Competitive Landscape - Chinese companies have established a comprehensive supply chain for large cylindrical batteries, demonstrating strong competitive capabilities, particularly in collaboration with global automakers like BMW [8][9]. - The production techniques of Chinese companies differ from Tesla's, with a focus on traditional wet processes that allow for better cost control and improved production yields [9][10]. - The collaboration with major suppliers has positioned Chinese large cylindrical batteries for international expansion, supported by technological breakthroughs and capacity scaling [10][11].

3月10日，美国国会众议院一致通过编号H.R.1166的《与依赖外国对手电池脱钩法》，禁止国土安全部从六家中国公司购买电池，包括 宁德时 代、比亚迪、远景能源、亿纬锂能、海辰储能以及国轩高科 。 美媒称，中国在电动汽车发展方面的主导地位已经成为与美国地缘政治紧张的最新来源，这个亚洲最大经济体生产了全球约80%的电池和约 75%的锂离子电池，使得全球汽车制造商在不同程度上都必须依赖其中国的合作伙伴。尽管耗资和代价高昂，美国国会仍努力提出政策希望追 赶实力，解决长期在电动车电池方面对中国的高度依赖。 对此，中国外交部发言人多次表示，中方一贯反对泛化"国家安全"概念，将经贸和科技问题政治化，中方也将坚定维护中国企业的合法权益。 中美锂电产业链话语权争夺 上述议案早在2023年12月就被提出，禁止美国国防部采购上述六家中国电池公司生产的电池。 亿纬锂能和国轩高科曾就此回应称，该禁令主要针对美国国防部的核心电池供应，对国防部军事方面电池采购进行了限制，对民间的商业合作 没有影响，两家公司未向美国国防部军方供货且无相关合作计划，因此对公司没有任何影响。 01 有分析认为，短期内储能电池受关税政策影响有限，或促进2025年 ...

Core Viewpoint - The article highlights the significant growth in China's power battery production and sales in February 2025, with notable year-on-year increases in both metrics, indicating a robust demand for electric vehicle batteries in the market [5][10][30]. Group 1: Battery Production - In February 2025, the total production of power and other batteries reached 100.3 GWh, a month-on-month decrease of 7.0% but a year-on-year increase of 128.2% [5][6]. - Cumulative production for January-February 2025 was 208.1 GWh, reflecting a year-on-year growth of 89.2% [5][6]. - The production breakdown by material type shows that lithium iron phosphate batteries accounted for 80.9 GWh (80.7% of total), while ternary materials contributed 19.3 GWh (19.2%) [7]. Group 2: Battery Sales - In February 2025, total sales of power and other batteries reached 90.0 GWh, with a month-on-month increase of 12.0% and a year-on-year increase of 140.7% [15][20]. - Cumulative sales for January-February 2025 were 170.4 GWh, marking an 80.3% year-on-year growth [15][20]. - The sales distribution indicated that power batteries accounted for 74.3% of total sales, while other batteries made up 25.7% [15]. Group 3: Battery Exports - In February 2025, the total export volume of power and other batteries was 21.1 GWh, reflecting a month-on-month increase of 21.0% and a year-on-year increase of 144.7% [20][25]. - Cumulative exports for January-February 2025 reached 38.6 GWh, with a year-on-year growth of 102.2% [20][25]. - The export composition showed that power batteries constituted 60.6% of total exports, while other batteries accounted for 39.4% [20]. Group 4: Battery Installation - In February 2025, the installation volume of power batteries was 34.9 GWh, a month-on-month decrease of 10.1% but a year-on-year increase of 94.1% [33][38]. - Cumulative installation for January-February 2025 was 73.6 GWh, reflecting a year-on-year growth of 46.5% [33][38]. - The breakdown by battery type showed that lithium iron phosphate batteries accounted for 28.4 GWh (81.5% of total installations), while ternary batteries contributed 6.4 GWh (18.5%) [33]. Group 5: Market Concentration - In February 2025, 38 battery companies participated in the market, a decrease of 2 compared to the previous year [45]. - The top three, five, and ten battery companies accounted for 73.0%, 82.7%, and 93.2% of the total installation volume, respectively, indicating a slight decrease in market concentration compared to the previous year [45].

交银国际研究 行业更新 2025 年 3 月 11 日 行业评级 领先 2 月乘用车销量同比增 26%，以旧换新政策+车企促销推动车市回暖 估值概要 | 公司名称 | 股票代码 | 评级 | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | FY25E | | | FY26E FY25E FY26E FY25E FY26E | | | FY25E | | | | | | (当地货币) (当地货币) (报表货币) (报表货币) | | | (倍) | (倍) | (倍) | (倍) | (%) | | 比亚迪股份 | 1211 HK | 买入 | 379.22 | 350.20 | 23.261 | 28.629 | 14.1 | 11.4 | 3.11 | 2.42 | 0.1 | | 理想汽车 | 2015 HK | 买入 | 120.34 | 113 ...

Market Share - CATL holds approximately 35% of the domestic market share, maintaining a strong position despite competition from second-tier manufacturers due to its integrated supply chain and scale advantages [3] - EVE Energy is expected to ship 110 GWh of energy storage batteries globally in 2024, achieving a market share of 37%, and is deeply tied to international giants like Tesla. The company is accelerating overseas capacity expansion, with a projected 85% of new installations in traditional markets by 2025 [5] - Sungrow Power Supply is also a key player in the market, focusing on system integration capabilities and flexible overseas market strategies [16] R&D Innovation - CATL continues to innovate in technology, maintaining its leadership in the industry [7] - EVE Energy is advancing its research and development efforts, including the launch of a 5-year zero-degradation energy storage system and sodium-ion battery technology [9] - Sungrow Power Supply is investing in digital R&D and has achieved CMMI-5 certification, enhancing its software capabilities for energy management systems [13] Financial Strength - EVE Energy plans to raise 5 billion yuan to enhance its energy storage capacity and accelerate overseas production layout [11] - Sungrow Power Supply reported a global shipment of 10.5 GWh of energy storage systems in 2023, leading the Chinese market for eight consecutive years, and is expected to benefit from growing demand in Europe and the Middle East [12] - The company has a strong financial position with a cash reserve of 286.68 billion yuan as of Q3 2024, significantly exceeding its peers [12] Summary - CATL remains the industry leader with its absolute market share, technological innovation, and financial strength, particularly in high-end overseas markets and long-duration energy storage [14] - EVE Energy is the fastest-growing second-tier manufacturer, with simultaneous growth in overseas orders and capacity expansion, potentially challenging for the global second position by 2025 [15] - Sungrow Power Supply stands out for its system integration capabilities and flexible overseas market strategies, maintaining a competitive edge in emerging markets [16]