关于惠州亿纬锂能股份有限公司 申请创业板向不特定对象发行可转换公司债券的 审核问询函的回复报告 容诚专字[2024]200Z0280 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 关于惠州亿纬锂能股份有限公司 申请创业板向不特定对象发行可转换公司债券的 审核问询函的回复报告 容诚专字[2024]200Z0280 号 深圳证券交易所： 贵所于 2023 年 6 月 11 日出具的《关于惠州亿纬锂能股份有限公司申请向 不特定对象发行可转换公司债券的审核问询函》（审核函〔2023〕020094 号）(以 下简称"《审核问询函》"）已收悉。根据贵所出具的《审核问询函》的要求，容 诚会计师事务所（特殊普通合伙）（以下简称"本所"或"申报会计师"）对问询函 中涉及本所的有关问题进行了专项核查。 除非文义另有所指，本问询函回复报告中所使用的词语含义与《惠州亿纬锂 能股份有限公司创业板向不特定对象发行可转换公司债券募集说明书（申报稿）》 中的简称具有相同含义。 本问询函回复报告表格中若出现总计数与各分项数值之和尾数不符的情况， 均为四舍五入原因造成。 现就《审核问询函》提出的有关问题向贵 ...

证券代码：300014 证券简称：亿纬锂能 公告编号：2024-053 惠州亿纬锂能股份有限公司 关于申请创业板向不特定对象发行可转换公司债券募集说明书 等申请文件财务数据更新的提示性公告 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"）于2023年11月9日在巨潮资讯网 （www.cninfo.com.cn）上披露了《惠州亿纬锂能股份有限公司创业板向不特定对象发 行可转换公司债券募集说明书（修订稿）》等相关文件。 鉴于公司于2024年4月19日披露了《2023年年度报告》，公司按照相关要求会同相 关中介机构对募集说明书等申请文件的财务数据及其他变动事项进行同步更新，具体 内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）上披露的《惠州亿纬锂能股份 有限公司创业板向不特定对象发行可转换公司债券募集说明书（修订稿）》等相关文 件。 公司本次向不特定对象发行可转换公司债券事项尚需通过深交所审核，并获得中 国证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实施， 最终能否通过深交所审核，并 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 9.317 billion yuan in Q1 2024, a year-on-year decline of 16.70%. The net profit attributable to the parent company was 1.066 billion yuan, down 6.49% year-on-year, while the net profit excluding non-recurring items increased by 14.63% year-on-year to 700 million yuan [6]. - The company's energy storage and power battery shipments continue to grow rapidly, with energy storage battery shipments reaching 7.02 GWh, a year-on-year increase of 113.11%. In the power battery segment, shipments were 6.45 GWh, up 5.98% year-on-year, with a notable increase in market share in the commercial vehicle sector [6]. - The company is actively expanding its energy storage business, which is expected to achieve high growth throughout 2024, positively impacting overall shipment growth. The company plans to increase its overseas market share and system proportion in the energy storage business, which is expected to contribute positively to future profitability [6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 9.317 billion yuan, a decrease of 16.70% year-on-year. The net profit attributable to the parent company was 1.066 billion yuan, down 6.49% year-on-year, while the net profit excluding non-recurring items was 700 million yuan, an increase of 14.63% year-on-year [6]. - The company's other income in Q1 2024 was 518 million yuan, with investment income of 146 million yuan, primarily contributed by Simor [6]. Market Position - The company ranked second in domestic energy storage cell shipments in March 2024, with a market share of 18.7%. The gross margin for power storage is expected to remain stable, although there may be a slight decline in gross margin per watt-hour due to seasonal production impacts and industry price pressures [6]. Future Outlook - The company is expected to continue its positive trajectory in the energy storage sector, with significant growth anticipated for the year. The commercial vehicle sector is also expected to contribute to stable revenue growth as the industry gradually recovers [6].

Investment Rating - The investment rating for the company is "Buy" [3][13] Core Views - The company has experienced rapid growth in energy storage battery sales, while consumer battery demand is steadily recovering [1][12] - The company achieved a revenue of 48.784 billion yuan in 2023, a year-on-year increase of 34%, and a net profit of 4.050 billion yuan, up 15% year-on-year [4][12] - The company maintains a strong growth trend in dynamic storage battery shipments, with a total shipment of 54.4 GWh in 2023, representing an 88% year-on-year increase [11][12] - The company is accelerating its global layout, with new factories planned in Malaysia and Hungary, and exploring partnerships in the North American market [12][13] Financial Performance Summary - In Q1 2024, the company reported a revenue of 9.317 billion yuan, down 17% year-on-year and 30% quarter-on-quarter, with a net profit of 1.066 billion yuan, down 6% year-on-year but up 70% quarter-on-quarter [1][4] - The gross profit margin for 2023 was 17.04%, an increase of 0.61 percentage points year-on-year, while the gross profit margin for Q1 2024 was 17.64%, up 0.81 percentage points year-on-year [1][4] - The company’s dynamic battery gross margin was 14.37% in 2023, down 1.59 percentage points year-on-year, while the energy storage battery gross margin was 17.03%, up 8.07 percentage points year-on-year [11][12] Earnings Forecast and Valuation - The company’s earnings forecast has been adjusted downwards, with expected net profits of 4.706 billion yuan, 5.967 billion yuan, and 7.023 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth of 16%, 27%, and 18% [13][14] - The expected EPS for 2024, 2025, and 2026 is projected to be 2.30 yuan, 2.92 yuan, and 3.43 yuan respectively, with corresponding PE ratios of 16, 13, and 11 times [13][14]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company reported its 2023 annual results and Q1 2024 results, which met expectations. In 2023, the company achieved a revenue of 48.784 billion yuan, a year-on-year increase of 34.38%, and a net profit attributable to shareholders of 4.050 billion yuan, up 15.42% year-on-year. For Q1 2024, the company reported a revenue of 9.317 billion yuan, a year-on-year decrease of 16.70%, and a net profit of 1.066 billion yuan, down 6.49% year-on-year [8][9] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 48.784 billion yuan, with a year-on-year growth of 34.38%. The net profit attributable to shareholders was 4.050 billion yuan, reflecting a 15.42% increase. The adjusted net profit was 2.755 billion yuan, up 2.23% year-on-year. For Q1 2024, the revenue was 9.317 billion yuan, down 16.70% year-on-year, while the net profit was 1.066 billion yuan, down 6.49% year-on-year, with adjusted net profit increasing by 14.63% to 0.701 billion yuan [8][9] Market Position and Product Development - The company has seen steady growth in market share across its product lines. In 2023, the company shipped 28.08 GWh of power batteries, a year-on-year increase of 64.22%, with a domestic market share of 4.45%, ranking fourth nationally. In Q1 2024, the power battery shipments were 6.45 GWh, up 5.98% year-on-year. The company also shipped 26.29 GWh of energy storage batteries in 2023, a 121.14% increase, maintaining its position as the third-largest globally. In Q1 2024, energy storage battery shipments reached 7.02 GWh, up 113.11% year-on-year [8][9] Product Matrix and International Expansion - The company is actively expanding its product matrix and making progress in overseas markets. It has made significant advancements in lithium battery technology and capacity, including the development of large cylindrical batteries and high-capacity lithium iron phosphate batteries. The company is also establishing production bases in Malaysia and Hungary to support the Southeast Asian market and respond to the demand for new energy vehicle batteries [9][10] Investment Recommendations - Considering the intensified competition in the lithium battery industry and potential price declines for some products, the company’s revenue forecasts for 2024-2025 have been adjusted to 56.357 billion yuan and 75.229 billion yuan, respectively. The net profit forecasts for 2024-2026 are 4.710 billion yuan, 6.096 billion yuan, and 7.542 billion yuan, corresponding to a P/E ratio of 16x, 12x, and 10x. The "Buy" rating is maintained [9][10]

Investment Rating - The report maintains a "Buy" rating for the company, considering the current valuation levels and adjusting the profit forecast for 2024 to 5.4 billion yuan from a previous estimate of 10 billion yuan [2][3]. Core Insights - The company achieved a revenue of 48.8 billion yuan in 2023, a year-on-year increase of 34%, with a net profit attributable to shareholders of 4.05 billion yuan, up 15.4% [1][6]. - The performance of consumer batteries was stable, while energy storage battery shipments experienced rapid growth, with energy storage battery revenue reaching 16.34 billion yuan, a 73.2% increase [1][6]. - The company reported a significant increase in operating cash flow, reaching 8.68 billion yuan in 2023, a 203.3% increase year-on-year [1][6]. Financial Performance Summary - In Q4 2023, the company generated revenue of 13.3 billion yuan, a 10% increase year-on-year, but a 25.8% decrease compared to the previous quarter [1]. - The gross profit margin for 2023 was 17.0%, an increase of 0.61 percentage points year-on-year, while the net profit margin was 9.3%, a decrease of 0.84 percentage points [1][6]. - The company’s revenue from power batteries was 23.98 billion yuan, a 31.4% increase, with a shipment of 28.1 GWh, up 64.2% [1][6]. Business Segment Analysis - Consumer batteries generated revenue of 8.36 billion yuan, a decrease of 1.8%, with a gross margin of 23.7% [1]. - Power batteries accounted for 23.98 billion yuan in revenue, with a gross margin of 14.4% [1]. - Energy storage batteries saw a revenue of 16.34 billion yuan, with a gross margin of 17.0% and a shipment of 26.3 GWh, marking a 121.1% increase [1][6]. Future Projections - For Q1 2024, the company is expected to report a revenue of 9.32 billion yuan, a decrease of 16.7% year-on-year, with a net profit of 1.07 billion yuan, down 6.5% [1]. - The forecast for 2024 includes an estimated revenue of 56.1 billion yuan, with a projected net profit of 5.39 billion yuan [6][7].

Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [2]. Core Insights - The company's performance in 2023 met expectations, with revenue reaching 48.784 billion yuan, a year-on-year increase of 34.38%. The net profit attributable to shareholders was 4.050 billion yuan, up 15.42% year-on-year [2][3]. - The energy storage business has become a significant growth driver, with energy storage battery shipments increasing by 121.14% year-on-year in 2023, positioning the company as the third-largest globally in market share [2][3]. - The company is enhancing its technological leadership with new product launches, including the Mr.Big cell with a capacity of 628Ah, utilizing third-generation high-speed stacking technology [2]. Financial Performance Summary - In 2023, the company achieved a revenue of 48.784 billion yuan, with a growth rate of 34.38%. The projected revenues for 2024, 2025, and 2026 are 56.042 billion yuan, 72.475 billion yuan, and 88.335 billion yuan, respectively, with growth rates of 14.88%, 29.32%, and 21.88% [3][4]. - The net profit attributable to shareholders for 2023 was 4.050 billion yuan, with forecasts of 4.909 billion yuan, 6.244 billion yuan, and 8.022 billion yuan for the following years, reflecting growth rates of 21.20%, 27.20%, and 28.47% [3][4]. - The company's earnings per share (EPS) for 2023 was 1.98 yuan, expected to rise to 2.40 yuan in 2024, 3.05 yuan in 2025, and 3.92 yuan in 2026 [3][4]. Market Position and Competitive Advantage - The company holds a 4.45% market share in the domestic power battery market, ranking fourth, while its energy storage battery market share is third globally [2]. - The gross margins for consumer, power, and energy storage batteries were 23.73%, 14.37%, and 17.03%, respectively, with energy storage showing an increase of 8.07% year-on-year [2].

2024年04月25日 公司研究●证券研究报告 亿纬锂能（ ） 公司快报 300014.SZ 电力设备及新能源 | 锂电池Ⅲ 出货量高速增长，应用场景不断拓展 投资评级 买入-B(维持) 股价(2024-04-25) 35.92元 投资要点 交易数据 事件：公司发布2023年度财报和2024年一季报，2023年实现营业总收入487.84 总市值（百万元） 73,482.32 亿元，同比增长34.38%，归属于上市公司股东的净利润40.50亿元，同比增长 流通市值（百万元） 66,867.46 15.42%；公司拟向全体股东每10股派发现金分红5.00元（含税）。2024Q1实现 总股本（百万股） 2,045.72 营业总收入93.17亿元，同比下降16.70%，归属于上市公司股东的净利润10.66 流通股本（百万股） 1,861.57 亿元，同比下降6.49%。 12个月价格区间 69.62/33.37 动储出货规模增长迅速，盈利能力稳定。公司2023实现营业总收入487.84亿元、 一年股价表现 同比增长34.38%。公司综合毛利率17.04%，同比+0.61pct，净利率9.27%，同比 -0.84p ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q1 performance of the company is generally in line with market expectations, with revenue of 9.32 billion yuan, a decrease of 17% quarter-on-quarter and 30% year-on-year, and a net profit attributable to shareholders of 1.07 billion yuan, a decrease of 6% quarter-on-quarter but an increase of 70% year-on-year [3] - The company expects a significant increase in energy storage shipments, projecting a 65% year-on-year growth to 90 GWh for the full year [3] - The average price of power storage batteries decreased by 8% in Q1, with a slight decline in profit per watt-hour to 0.02-0.03 yuan [3] - The consumer business remains stable, with a notable recovery in demand for cylindrical batteries, projecting a 50% year-on-year increase in shipments [3] Financial Performance and Forecast - The company forecasts total revenue of 61.24 billion yuan for 2024, with a year-on-year growth of 25.53% [2] - The net profit attributable to shareholders is projected to be 4.78 billion yuan in 2024, reflecting an 18.12% year-on-year increase [2] - The earnings per share (EPS) is expected to be 2.34 yuan in 2024, with a price-to-earnings (P/E) ratio of 15.36 [2] Cash Flow and Expenses - The company reported a negative operating cash flow of -1.75 billion yuan in Q1, with inventory increasing to 6.7 billion yuan [4] - Capital expenditures for Q1 were 890 million yuan, a year-on-year increase of 46% [4] Market Data - The closing price of the company's stock is 35.92 yuan, with a market capitalization of approximately 73.48 billion yuan [5] - The price-to-book ratio is 2.05 [5] Summary of Related Research - Previous reports highlight the company's continuous growth in energy storage and performance meeting market expectations [7]

Financial Performance - The company's revenue for Q1 2024 was CNY 9,317,321,354.65, a decrease of 16.70% compared to CNY 11,185,548,136.17 in the same period last year[3]. - Net profit attributable to shareholders was CNY 1,065,713,845.72, down 6.49% from CNY 1,139,709,769.51 year-on-year[3]. - The net profit excluding non-recurring gains and losses increased by 14.63% to CNY 701,283,488.21 from CNY 611,760,661.23 in the previous year[3]. - Net profit for Q1 2024 was CNY 1,055,311,277.97, a decline of 18.8% compared to CNY 1,299,558,645.11 in Q1 2023[25]. - Total operating revenue for Q1 2024 was CNY 9,317,321,354.65, a decrease of 16.0% compared to CNY 11,185,548,136.17 in the same period last year[24]. - Total operating costs for Q1 2024 were CNY 8,934,901,558.36, down 15.0% from CNY 10,504,476,481.45 year-on-year[24]. - The total comprehensive income for Q1 2024 was CNY 1,056,705,910.20, compared to CNY 1,302,281,176.61 in Q1 2023[27]. - Basic earnings per share for Q1 2024 were CNY 0.52, down from CNY 0.56 in the same period last year[27]. Cash Flow - The company's cash flow from operating activities showed a significant decline, with a net outflow of CNY 1,751,380,202.07, a decrease of 278.73% compared to a net inflow of CNY 979,913,659.77 last year[11]. - The net cash flow from operating activities for Q1 2024 was -1,751,380,202.07 CNY, a significant decrease compared to 979,913,659.77 CNY in the same period last year, indicating a decline of approximately 278%[29]. - Total cash inflow from operating activities was 7,061,183,700.99 CNY, down from 9,841,169,273.66 CNY, reflecting a decrease of about 28.4% year-over-year[29]. - Cash outflow from operating activities totaled 8,812,563,903.06 CNY, slightly decreased from 8,861,255,613.89 CNY, showing a marginal decline of 0.5%[29]. - Cash flow from investing activities was -1,814,950,459.28 CNY, worsening from -1,636,860,148.70 CNY in the previous year, indicating a decline of approximately 10.9%[30]. - Cash inflow from financing activities increased to 3,634,334,954.32 CNY, compared to 2,259,827,554.82 CNY, marking an increase of about 60.7% year-over-year[30]. - The net cash flow from financing activities was 2,082,799,952.53 CNY, up from 1,547,447,481.43 CNY, representing an increase of approximately 34.5%[30]. - The ending balance of cash and cash equivalents was 8,439,560,878.56 CNY, compared to 8,091,190,763.71 CNY at the end of the previous year, reflecting an increase of about 4.3%[30]. - The company received tax refunds amounting to 496,729,547.66 CNY, an increase from 349,544,415.23 CNY, which is an increase of approximately 42%[29]. - The company reported a cash outflow of 402,031,534.80 CNY for taxes, significantly higher than 130,015,097.81 CNY in the previous year, reflecting an increase of approximately 209%[29]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 96,234,365,792.12, reflecting a 1.99% increase from CNY 94,355,337,998.71 at the end of the previous year[3]. - The total liabilities decreased to CNY 38,355,098,030.51 from CNY 36,786,436,398.28, indicating a reduction of about 4.1%[20]. - The company's total liabilities increased to CNY 57,167,795,625.46 in Q1 2024, compared to CNY 56,350,070,377.39 in Q1 2023[23]. - Non-current assets totaled CNY 57,879,267,761.61, slightly up from CNY 57,568,901,600.43, showing a growth of about 0.54%[21]. - The company's short-term borrowings increased to CNY 1,133,386,908.61 from CNY 1,120,974,369.36, reflecting a rise of approximately 1.2%[21]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 162,129[12]. - The largest shareholder, Tibet Yiwei Holdings Co., Ltd., holds 32.02% of shares, totaling 655,064,787 shares[12]. - The second-largest shareholder, Luo Jinhong, holds 4.04% of shares, totaling 82,649,082 shares[12]. - The company has a total of 47,656,870 pledged shares from the largest shareholder[12]. - The total number of shares held by the top ten shareholders accounts for a significant portion of the company's equity[12]. - The company has a total of 19,357,670 shares held by Liu Jincheng, a significant individual shareholder[13]. - The top ten shareholders include various investment funds, indicating a diverse shareholder base[12]. - The company has seen changes in the shareholding structure due to margin trading activities[14]. - The total number of shares held by the top ten unrestricted shareholders is 607,407,917[12]. - The company has not reported any preferred shareholders in this period[16]. Business Developments - The company achieved a 113.11% year-on-year increase in energy storage battery shipments, totaling 7.02 GWh[7]. - The company’s market share in the domestic new energy commercial vehicle battery segment reached 16.05%, ranking second in the industry[8]. - The company plans to establish a joint venture with Aksa in Turkey to produce and market battery modules and energy storage systems[18]. - The board approved the grant of 7.25 million stock options to 44 incentive targets under the fifth stock option incentive plan[18]. - The company established a new branch in Beijing, completing the business registration on January 30, 2024[18].