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].

行证券代码：300014 证券简称：亿纬锂能 公告编号：2024-050 本次会议的会议通知及相关资料于 2024 年 4 月 23 日以邮件方式送达各位董事， 全体董事知悉本次会议的审议事项，并充分表达意见。公司监事会成员和高级管理人 员列席了本次会议。 会议的召集和召开符合《公司法》和《公司章程》的有关规定。经表决，形成以下 决议： 一、审议通过了《关于〈公司 2024 年第一季度报告〉的议案》 公司董事认真审阅了《公司 2024 年第一季度报告》，认为《公司 2024 年第一季度 报告》能够真实、准确、完整地反映公司的实际情况，公司的董事、监事及高级管理人 员均对报告出具了书面确认意见。《公司 2024 年第一季度报告》的具体内容详见公司 同日在创业板信息披露网站巨潮资讯网披露的相关公告。 本议案表决结果：7 票同意，0 票反对，0 票弃权，获得通过。 特此公告。 惠州亿纬锂能股份有限公司董事会 2024 年 4 月 25 日 惠州亿纬锂能股份有限公司 第六届董事会第三十三次会议决议公告 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 ...

证券代码：300014 证券简称：亿纬锂能 公告编号：2024-051 惠州亿纬锂能股份有限公司（以下简称"公司""亿纬锂能"）第六届监事会第三 十一次会议于 2024 年 4 月 24 日在广东省惠州市仲恺高新区惠风七路 38 号亿纬锂能 零号会议室采用现场表决的方式召开。本次会议的会议通知及相关资料于 2024 年 4 月 23 日以邮件方式送达各位监事，全体监事知悉本次会议的审议事项，并充分表达意见。 本次会议由监事会主席祝媛主持，应参加会议监事 3 名，实际参加监事 3 名。本 次会议的召开符合《公司章程》规定的法定人数。 会议的召集和召开符合《中华人民共和国公司法》和《公司章程》的有关规定。 经表决，形成以下决议： 一、审议通过了《关于〈公司 2024 年第一季度报告〉的议案》 第六届监事会第三十一次会议决议公告 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 经审核，公司董事会编制和审核《公司 2024 年第一季度报告》的程序符合法律法 规和中国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情况，不存 在任何虚假记 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4][5]. Core Insights - The company achieved a revenue of 48.784 billion yuan in 2023, representing a year-on-year growth of 34.38%, and a net profit attributable to shareholders of 4.050 billion yuan, up 15.42% year-on-year [2]. - The consumer battery segment remains a market leader, with revenue of 8.362 billion yuan in 2023, slightly down by 1.78% year-on-year, and a gross margin of 23.73% [2]. - The energy storage business saw significant growth, with power battery shipments of 28.08 GWh, ranking fifth in China, and energy storage battery shipments of 26.29 GWh, ranking third globally [2]. - The company invested 2.871 billion yuan in R&D in 2023, a 26.97% increase year-on-year, focusing on new technologies such as lithium metal secondary batteries and sodium batteries [2]. Financial Performance Summary - Revenue for 2023 was 48.784 billion yuan, with a growth rate of 34.38% [6]. - The net profit attributable to shareholders for 2023 was 4.050 billion yuan, with a growth rate of 15.42% [6]. - The company forecasts revenues of 59.118 billion yuan, 73.202 billion yuan, and 91.619 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 21.18%, 23.83%, and 25.16% [5][6]. - The projected net profit for 2024, 2025, and 2026 is 5.021 billion yuan, 5.980 billion yuan, and 7.365 billion yuan, with growth rates of 23.98%, 19.09%, and 23.16% [5][6]. Market Position and Competitive Advantage - The company is the leading supplier of lithium primary batteries in China, maintaining its position for eight consecutive years [2]. - The company has established effective partnerships with major clients in the small lithium-ion battery sector, enhancing its market presence [2]. - The launch of new products, such as the 21700 series batteries, has strengthened the company's competitive edge in the two-wheeler market [2].

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 电气设备 ＃ investSuggestion＃ ＃ ＃d 亿yCo 纬mp 锂any 能＃ （ 300014 ） investSug 增持 ( g维est持ion ）Ch 0 股00 权00 激9 励拖 累当期业 绩＃t ，itle＃ 动 力储 能业务高速增长 ange＃ ＃ createTime1＃ 2024 年 4 月 22 日 投资要点 公 ＃ 市场ma数rk据etD ata＃ ＃ ⚫ sum 事ma 件ry ：＃ 公司2023年实现收入487.84亿元，同比增加34.38%；实现归母净利 司 日期 2024-4-19 润40.50亿元，同比增长15.42%；扣非后净利润27.55亿元，同比增加2.23%。 点 收盘价（元） 35.00 公司 2023年Q4实现收入132.55亿元，同比增长10.27%；实现归母净利润 评 总股本（百万股） 2045.72 6.26亿，同比下降25.8%；扣非后净利润6.00亿，同比增长15.8%。2023年 公司主营业务收入中消费电池占比 17.14%，动力电池业务占比 49.16%，储 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a 2023 revenue of 48.784 billion yuan, a year-on-year increase of 34.38%, and a net profit attributable to shareholders of 4.05 billion yuan, up 15.42% year-on-year [2] - The company has seen a significant increase in energy storage battery shipments, with a doubling of energy storage battery output [2] - The company is expanding its overseas presence and launching new products, including various advanced battery technologies [2][3] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 13.255 billion yuan, a year-on-year increase of 10.27%, but a net profit of 626 million yuan, down 25.80% year-on-year [2] - The total shipments of power storage batteries reached 54.37 GWh in 2023, with power battery shipments at 28.08 GWh (up 64.22% year-on-year) and energy storage battery shipments at 26.29 GWh (up 121.14% year-on-year) [2] - The gross margin for 2023 was 17.04%, an increase of 0.60 percentage points year-on-year, with energy storage battery gross margin at 17.03% (up 8.07 percentage points) [2] Market Position - The company holds a 4.45% market share in the domestic power battery market, ranking fourth nationally, with a year-on-year increase of 2.01 percentage points [3] - The company has maintained its position as the leading domestic seller of lithium primary batteries for eight consecutive years and ranks among the top four globally in cylindrical battery shipments [3] Future Outlook - The company has adjusted its net profit forecasts for 2024 and 2025 to 4.850 billion yuan and 6.047 billion yuan, respectively, reflecting a downward adjustment of 38% and 44% [3] - The company is expected to benefit from the upcoming volume production of large cylindrical batteries and energy storage iron-lithium batteries, with ongoing expansion in overseas markets [3]

2024 年 04 月 20 日 公司研究 评级：买入(维持) 研究所： [Table_Title] 动力储能业务持续高增，经营质量继续改善 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn 联系人 ： 洪瑶 S0350122080085 ——亿纬锂能（ ） 年报点评报告 300014 2023 hongy03@ghzq.com.cn 最近一年走势 事件 : 2024年4月18日，亿纬锂能发布2023年年报：报告期内，公司实现营 业总收入488亿元，同比增长 34.38%。归属于上市公司股东的净利润为 41亿元，同比增长15.42%，其中本部业务实现归属于母公司股东的净利 润为35亿元，同比增长 30.19%。 投资要点 :  动力储能业务出货实现高速增长，储能业务盈利有较好的修复。1） 相对沪深300表现 2024/04/18 营收层面：2023年公司动力电池实现营业收入 240亿元，同比增长 表现 1M 3M 12M 31.41%；储能电池实现营业收入 163亿元，同比增长73.24%。2） 亿纬锂能 -14.0% -8.2% -46.5% 出货量层面：动力电池出货量 ...

[Table_Page] 年报点评|电池 证券研究报告 [亿Table_纬Title] 锂能（300014.SZ） [公Tab司le_I评nves级t] 买入 当前价格 35.00元 业绩符合预期，动力储能电池业务量利双升 合理价值 49.42元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-20 ⚫ 利润同比增速持稳，业绩符合预期。公司发布2023年年报，2023年实 [相Tab对le_P市icQ场uote表] 现 现营收 487.84 亿元，同比+34.38%；归母净利润 40.5 亿元，同比 +15.42%；扣非归母净利润27.55亿元，同比+2.23%；其中Q4分别实 2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 现营收/归母净利润/扣非归母净利润分别为132.55/6.26/6亿元，同比分 -9% -20% 别+10.27%、-25.8%、+15.73%，环比分别+5.59%、-50.86、-33.26%。 -30% ⚫ 动力储能电池业务实现量利双升。根据公司财报，2023年公司动力业务 -41% 营收 23 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company achieved a revenue of 48.784 billion yuan in 2023, representing a year-on-year increase of 34.38%, with a net profit of 4.050 billion yuan, up 15.42% year-on-year [2]. - The company’s cylindrical battery production is ramping up, with significant growth in both power and energy storage battery shipments, leading to an increase in market share [2][3]. - The company is expanding its global footprint, with substantial orders in hand and new production facilities being established in Hungary and Malaysia [4]. Financial Performance - In Q4 2023, the company reported a revenue of 13.255 billion yuan, a year-on-year increase of 10.27%, but a net profit decline of 25.80% year-on-year [2]. - The power battery shipment reached 28.08 GWh in 2023, a 64.22% increase year-on-year, while energy storage battery shipments reached 26.29 GWh, up 121.14% year-on-year [2]. - The company’s revenue projections for 2024-2026 are 56.632 billion yuan, 70.569 billion yuan, and 83.649 billion yuan, with corresponding growth rates of 16.09%, 24.61%, and 18.53% [5][11]. Research and Development - The company has increased its R&D investment, launching a new generation of MB series energy storage products and achieving mass production of 46 series cylindrical batteries [3]. - The production lines in the new facilities are expected to reach a maximum annual capacity of 2.35 billion units once fully operational [3]. Global Expansion - As of November 2023, the company has secured customer demand for approximately 88 GWh of lithium iron phosphate cylindrical batteries and 486 GWh of ternary large cylindrical batteries for the next five years [4]. - The company is actively establishing production capacity in international markets, including a new facility in Hungary and a project in Malaysia [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 met expectations, with revenue of 48.784 billion yuan, a year-on-year increase of 34%, and a net profit attributable to shareholders of 4.05 billion yuan, a year-on-year increase of 15% [3][8] - The company experienced significant growth in battery shipments, with a year-on-year increase of 80% in 2023 and an expected growth of 65% in 2024, reaching 90 GWh [3][10] - The gross profit margin for the company's batteries improved to 15.4% in 2023, contributing to a net profit of 0.03 yuan per watt-hour [3][10] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 48.784 billion yuan, with a year-on-year growth of 34.38% and a net profit of 4.05 billion yuan, reflecting a 15.42% increase [2][8] - The fourth quarter of 2023 saw revenue of 13.255 billion yuan, a 10.27% year-on-year increase, but a 25.8% decrease in net profit compared to the previous year [8][10] Shipment and Revenue Growth - The company reported a total battery shipment of 54 GWh in 2023, with a revenue of 40.3 billion yuan from energy storage, marking an 80% increase in shipments [3][10] - For 2024, the company anticipates battery shipments to reach 90 GWh, with energy storage shipments expected to double to 50 GWh [3][10] Profitability Metrics - The gross profit margin for batteries was reported at 15.4% in 2023, with energy storage showing a significant increase in profitability [3][10] - The company expects a slight decrease in profitability per watt-hour in 2024, estimating a range of 0.02 to 0.03 yuan per watt-hour [3][10] Cash Flow and Expenses - The company reported a significant increase in operating cash flow, reaching 8.676 billion yuan in 2023, a 203% year-on-year increase [11][12] - Total expenses for 2023 were 51.47 billion yuan, with a slight decrease in the expense ratio to 10.55% [11][12] Future Outlook and Valuation - The net profit forecast for 2024-2025 has been revised down to 4.78 billion yuan and 6.36 billion yuan, respectively, with a new forecast for 2026 at 8.01 billion yuan [13] - The target price for the company is set at 51 yuan, with a price-to-earnings ratio of 22x for 2024 [13]