Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 47.16 CNY compared to the current price of 33.50 CNY [2][6]. Core Views - The company has shown significant growth in energy storage shipments and continuous breakthroughs in technology. The revenue for the first half of 2024 reached 21.37 billion CNY, a year-on-year increase of 5.73%, while net profit attributable to shareholders increased by 19.32% [2][6]. - The energy storage segment has performed exceptionally well, with revenue from this sector approximately 77.74 billion CNY, reflecting a year-on-year growth of 133.18% [2][6]. - The company is expanding its overseas presence, with successful projects in Malaysia expected to commence production by the end of the year, supporting global deliveries [2][6]. Financial Summary - Total revenue for H1 2024 was 21.37 billion CNY, with a net profit of 10.72 billion CNY, marking a 13.77% increase [2][6]. - The company’s market share in energy storage batteries reached 13.59%, ranking second in installed capacity, while the shipment volume for energy storage batteries was 20.95 GWh, a 16.4% increase compared to the previous year [2][6]. - The projected net profits for 2024, 2025, and 2026 are 48.24 billion CNY, 57.36 billion CNY, and 72.40 billion CNY respectively, indicating strong growth potential [2][6]. Key Financial Metrics - The company reported a total revenue of 48.78 billion CNY for 2023, with a projected growth rate of 34.4% [6]. - The net profit for 2023 was 4.05 billion CNY, with an expected increase to 5.736 billion CNY in 2025, reflecting a growth rate of 19.2% [6]. - The earnings per share (EPS) for 2023 was 1.98 CNY, projected to rise to 2.80 CNY by 2025 [6].

Investment Rating - The investment rating for the company is "Buy-B" [1][2] Core Views - The company has experienced rapid growth in energy storage shipments and is steadily advancing in overseas markets. The revenue for the first half of 2024 reached 21.66 billion yuan, with a year-on-year decrease of 5.7%, while the net profit attributable to shareholders was 2.14 billion yuan, a slight decrease of 0.6% year-on-year. However, the net profit excluding non-recurring items increased by 19.3% year-on-year [1][2] - The company has achieved a significant increase in energy storage battery shipments, with a market share further improving. In the first half of 2024, the revenue from power batteries and energy storage batteries was 8.99 billion yuan and 7.77 billion yuan, accounting for 41.52% and 35.89% of total revenue, respectively. The shipment volume of energy storage batteries reached 20.95 GWh, a year-on-year increase of 133.18% [1][2] - The company is focusing on overseas markets, with overseas revenue reaching 5.443 billion yuan, accounting for 25.13% of total revenue. The successful launch of the energy storage project in Malaysia supports global delivery [1][2] Financial Performance - For the first half of 2024, the company reported total revenue of 21.66 billion yuan, with a year-on-year decrease of 5.7%. The net profit attributable to shareholders was 2.14 billion yuan, a decrease of 0.6% year-on-year, while the net profit excluding non-recurring items increased by 19.3% year-on-year [1][2] - The company’s capacity utilization rate remained stable at 83.6%, with a comprehensive gross profit margin of 16.45%, a year-on-year increase of 0.5 percentage points [1][2] - The company’s R&D investment reached 1.468 billion yuan, a year-on-year increase of 16.42%, indicating a continuous commitment to product development and innovation [1][2] Future Outlook - The company is expected to see a new growth point starting in 2025 with the production of small cylindrical batteries in Malaysia, which is projected to contribute to revenue immediately upon production [2] - The profit forecasts for the company for 2024-2026 are adjusted to 4.701 billion yuan, 5.790 billion yuan, and 7.091 billion yuan, respectively, with corresponding P/E ratios of 13.9, 11.3, and 9.2 [2][3]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 21.66 billion yuan in H1 2024, a year-on-year decrease of 5.73% and a quarter-on-quarter decrease of 16.07%. The net profit attributable to shareholders was 2.14 billion yuan, a year-on-year decrease of 0.64% but a quarter-on-quarter increase of 12.53% [4] - The energy storage segment showed strong performance with revenue of approximately 7.77 billion yuan in H1 2024, a year-on-year increase of 9.93%. The company ranked second globally in energy storage cell shipments in the first half of 2024 [4] - The commercial power battery segment also performed well, with revenue of approximately 8.99 billion yuan in H1 2024, despite a year-on-year decrease of 25.79%. The company launched the Omnicell large cylindrical battery, enhancing its product offerings [4] - The consumer battery segment saw significant growth, with revenue of approximately 4.85 billion yuan in H1 2024, a year-on-year increase of 29.75% and a gross margin of 28.31% [5] - The company is expected to achieve battery shipments exceeding 80 GWh in 2024, with projected revenues of 56.36 billion yuan, 75.23 billion yuan, and 95.65 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 15.53%, 33.49%, and 27.14% [5][6] Summary by Sections Financial Performance - In H1 2024, the company reported a total revenue of 21.66 billion yuan, with a net profit of 2.14 billion yuan and a non-recurring net profit of 1.50 billion yuan [4] - The company’s revenue for Q2 2024 was 12.34 billion yuan, showing a year-on-year increase of 4.68% and a quarter-on-quarter increase of 32.46% [4] Product Segments - The energy storage segment's revenue was approximately 7.77 billion yuan in H1 2024, with a shipment volume of 20.95 GWh, a year-on-year increase of 133.18% [4] - The commercial power battery segment generated approximately 8.99 billion yuan in revenue, with a shipment volume of 13.54 GWh, a year-on-year increase of 7.03% [4] - The consumer battery segment achieved approximately 4.85 billion yuan in revenue, with a gross margin of 28.31% [5] Future Projections - The company is projected to achieve revenues of 56.36 billion yuan in 2024, 75.23 billion yuan in 2025, and 95.65 billion yuan in 2026, with corresponding net profits of 4.71 billion yuan, 6.10 billion yuan, and 7.55 billion yuan [6][7]

[Table_Page] 中报点评|电池 证券研究报告 [Table_Title] 亿纬锂能（300014.SZ） 储能电池出货增速陡峭，消费板块稼动率企稳回升 [Table_Summary] 核心观点： ⚫ 减值造成扰动，业绩整体符合预期。公司发布 2024 年半年报。2024 年 上半年实现营收 216.59 亿元，同比-5.73%；归母净利润 21.37 亿元， 同比-0.64%；扣非归母净利润 14.99 亿元，同比+19.32%。2024 年二 季度分别实现营收/归母净利润/扣非归母净利润 123.42/10.72/7.98 亿 元，同比分别+4.68%、+5.97%、+23.76%，环比分别+32.46%、+0.55%、 +13.77%；2024 年二季度减值计提合计约 0.94 亿元，其中信用减值损 失约 6360 万元，主要系应收账款的坏账准备计提。 ⚫ 储能电池出货增速陡峭，消费板块稼动率企稳回升。据公司财报，2024 年上半年公司动力业务营收 89.94 亿元，同比-25.79%，综合毛利率 11.45%，出货量 13.54GWh，同比+7.03%；储能业务营收 77.74 亿元， 同比+ ...

亿纬锂能(300014) / 电池 / 公司点评 / 2024.08.26 2024H1 储能出货超预期，市占率提升 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-26 | | 收盘价(元) | 33.18 | | 流通股本(亿股) | 18.61 | | 每股净资产(元) | 17.45 | | 总股本(亿股) | 20.46 | 最近 12 月市场表现 亿纬锂能 沪深300 上证指数 电池 -36% -28% -20% -12% -4% 4% 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 分析师 张磊 SAC 证书编号：S0160522120001 zhanglei02@ctsec.com 相关报告 1. 《24Q1 业绩符合预期，出货量高增》 2024-04-28 2. 《2023 年业绩符合预期，利润稳健增 长》 2024-04-20 3. 《23Q3 业绩略超预期，研发投入持 续加大》 2023-10-28 证券研究报告 ❖ 事件 ...

证券代码： 300014 证券简称：亿纬锂能 编号： 2024-004 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 ■电话会议 □其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名、联系 与会投资者约 430 人 方式 时间 2024 年 8 月 22 日（周四）20:00-21:30 地点 惠州亿纬锂能股份有限公司惠州仲恺总部 A1 栋 6612 号会议室 董事会秘书兼财务负责人：江敏女士 上市公司接待人 亿纬储能总裁：陈翔先生 员姓名 证券部工作人员 一、董事会秘书兼财务负责人江敏女士介绍公司情况 2024 年，公司紧紧围绕"精耕细作、颗粒归仓"和"质量年"的经 营策略，全面推进满产满销、市占率提升等重要经营目标达成。同时， 公司进一步提升产品能力、成本能力、品牌能力和服务能力，笃实千亿 投资者关系活动 平台综合竞争力。 主要内容介绍 2024 上半年，公司实现营业总收入 216.59 亿元，实现归母净利润 21.37 亿元；其中，扣非净利润 14.99 亿元，同比增长 19.32%。 分业务板块看，上半年公司动力电池出货量 ...

证券研究报告 非金融公司|公司点评|亿纬锂能（300014） 2024 年半年报点评： 市占率稳步提升，大圆柱电池放量在即 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月23日 证券研究报告 |报告要点 公司发布 2024 年半年度报告，2024H1 实现营收 216.59 亿元，同比-5.73%；实现归母净利润 21.37 亿元，同比-0.64%；实现扣非归母净利润 14.99 亿元，同比+19.32%。第二季度实现营 收 123.42 亿元，同比+4.68%，环比+32.46%；实现归母净利润 10.72 亿元，同比+5.97%，环比 +0.55%；实现扣非归母净利润 7.98 亿元，同比+23.76%，环比+13.77%。2024H1 公司财务费用 为 1.65 亿元，同比+411.53%，主要系汇兑损益增加导致。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月23日 亿纬锂能(300014) 2024 年半年报点评： 市占率稳步提升，大圆柱电池放量在 ...

亿纬锂能（300014.SZ）2024 年半年报点评 储能电池出货量高增，消费电池稳步增长 2024 年 08 月 23 日 ➢ 事件。2024 年 8 月 22 日，公司发布 2024 年半年报，公司上半年实现营收 216.59 亿元，同比变动-5.73%，实现归母净利润 21.37 亿元，同比变动-0.64%， 扣非后归母净利润 14.99 亿元，同比变动+19.32%。 ➢ Q2 业绩拆分。营收和净利：公司 2024Q2 营收 123.42 亿元,同增 4.68%， 环增 32.46%，归母净利润为 10.72 亿元，同增 5.97%，环增 0.55%，扣非后归 母净利润为 7.98 亿元，同增 23.76%，环增 13.77%。毛利率：2024Q2 毛利率 为 15.56%，同增 0.49pct，环减 2.08pcts。净利率：2024Q2 净利率为 8.85%， 同减 1.59pcts，环减 2.47pcts。费用率：公司 2024Q2 期间费用率为 9.77%， 同比+3.01pcts，其中销售、管理、研发、财务费用率分别为 1.21%、2.19%、 5.67%、0.70%，同比变动 0.09pc ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see improved profitability in the second half of 2024, driven by full production and sales in the energy storage sector [3] - The company has experienced a decline in gross margin in Q2, with performance falling short of market expectations [3] - Energy storage shipments are projected to reach 85 GWh for the year, with significant growth anticipated in both energy storage and power battery segments [3][4] - The company is expected to stabilize domestic energy storage prices in H2, contributing to a recovery in profitability [3] Financial Performance Summary - Total revenue for H1 2024 was 21.7 billion yuan, a decrease of 6% year-on-year, with net profit attributable to shareholders at 2.1 billion yuan, down 1% year-on-year [3] - Q2 revenue was 12.3 billion yuan, showing a quarter-on-quarter increase of 5% and a year-on-year increase of 32% [3] - The gross margin for Q2 was 15.6%, with a net profit margin of 8.7% [3] - Energy storage revenue for H1 was 7.8 billion yuan, up 10% year-on-year, while power battery revenue was 9 billion yuan, down 26% year-on-year [3] - The company expects to achieve a total revenue of 51.5 billion yuan in 2024, with a year-on-year growth of 5.65% [2] Shipment and Market Position - The company achieved energy storage shipments of 21.0 GWh in H1 2024, a year-on-year increase of 133%, and power battery shipments of 13.5 GWh, a year-on-year increase of 7% [3] - The company holds the second-largest global market share in energy storage, with a strong demand for commercial vehicles [3] - The company anticipates a 10% quarter-on-quarter increase in shipments for Q3 2024, with total shipments expected to reach 85 GWh for the year [3] Profitability and Cost Structure - The average selling price for energy storage in Q2 was 0.42 yuan/Wh, down 53% year-on-year, with a gross margin of 14.4% [3] - The company expects to achieve a unit profit of 0.01-0.02 yuan/Wh for the full year, contributing over 1 billion yuan to profits [3] - The company reported a significant increase in gross margin for consumer batteries, reaching 28.3% in H1 2024 [4] Valuation and Future Outlook - The company has revised its net profit forecasts for 2024-2026 to 4.71 billion, 5.76 billion, and 7 billion yuan respectively, reflecting a year-on-year growth of 16%, 22%, and 22% [3] - The target price for the company is set at 51 yuan, based on a 22x P/E ratio for 2024 [3]

业绩简评 8 月 22 日，公司公布 1H24 业绩。24H1 公司收入 216.6 亿元，同 比-6%，归母净利润 21.4 亿元，同比-1%，扣非归母净利 15.0 亿 元，同比+19%，其中单 Q2 收入 123.4 亿元，同比+5%，环比+32%， 归母净利润 10.7 亿元，同比+6%，环比+0.5%，扣非归母净利润 8.0 亿元，同比+24%，环比+14%。 经营分析 1、分业务：储能、消费向上，动力有所承压。①收入：24H1 公司 动力/储能/消费电池收入 90/78/48 亿元，同比-26%/+10%/+30%； ②量&价：24H1 公司出货动力电池 13.54GWh，同比+7%，单价约 0.66 元/Wh，储能电池 20.95GWh，同比+133%，单价约 0.37 元/Wh；③ 利：24H1 公司动力/储能/消费电池毛利率 11.5%/14.4%/28.3%， 同比-2.7/-1.3/+7.0pct。 2、整体盈利：Q2 盈利主要受毛利率、减值、其他收益扰动。24H1 毛利率 16.45%，同比+0.5pct，四费率 11.2%，同比+2.6pct，主因 降价致收入规模降低，抬高整体费率； ...