Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 12.8 billion yuan in Q1 2025, representing a year-on-year growth of 37.3% but a quarter-on-quarter decline of 12% [3][9]. - The net profit attributable to the parent company was 1.1 billion yuan, showing a year-on-year increase of 3.3% and a quarter-on-quarter increase of 24% [3][9]. - The non-recurring net profit reached 820 million yuan, with a year-on-year growth of 16.6% and a quarter-on-quarter growth of 23.6% [3][9]. - The company’s overall gross margin stood at 17.16%, with stable margins for power batteries and a slight decline for energy storage batteries due to utilization rates [9]. Financial Performance - In Q1 2025, the company shipped 10.17 GWh of power batteries, a year-on-year increase of 57.58%, maintaining a market share of 13.41% in the domestic market [9]. - Energy storage battery shipments reached 12.67 GWh, marking a year-on-year growth of 80.54% [9]. - The company’s investment income for Q1 2025 was 120 million yuan, and the total expense ratio was 10.85%, showing a year-on-year decrease of 1.75 percentage points [9]. Future Outlook - The company is expected to benefit from increased production capacity and improved shipment structure in energy storage, leading to a potential recovery in profitability [9]. - Forecasted net profits for 2025 and 2026 are 5.1 billion yuan and 7.1 billion yuan, respectively, with corresponding price-to-earnings ratios of 18 and 13 times [9].

（原标题：内燃机重返C位？2025上海车展新技术大放送！） 在2025上海车展现场，除了密集发布的新车外，还有一系列令人应接不暇的新技术。与此同时，科技公司与供应链企业也集体从幕后 走向幕前，成为了行业热议的对象。 4月23日-5月2日，为期十天的2025上海车展圆满落幕。与往届不同的是，此次车展现场，各大车企的花式营销已不再是吸引行业目光的焦点，取 而代之的则是一系列运用在新车型上的前沿技术。 对于此次车展，《汽车纵横》记者全程关注。在梳理材料后发现，尽管新能源汽车近年来发展态势强劲，但内燃机并未因此黯然失色。大众、长 城、长安等传统车企在此次车展上均展示了其精心打磨的发动机新作。与此同时，科技公司与供应链企业也集体从幕后走向幕前，在车展期间成 为了行业热议的对象。 超充、电池技术集中突破 其中，新能源汽车超充技术及电池领域的集中突破尤为引人注目。车展期间，多家电池厂商及整车企业陆续公布了其超充技术的最新进展。例 如，比亚迪就将搭载兆瓦（1000kW）闪充技术的唐L车型带到了自家展台。 据现场工作人员介绍，这套超充系统的充电功率最高可达1000kW，充电倍率达到10C。在最大功率下，可轻松在5分钟时间内，为 ...

Core Insights - The new energy commercial vehicle industry is at a critical turning point, with technological iteration and scenario innovation creating a strategic opportunity for deepening technology and expanding scenarios [2] - The penetration rate of new energy commercial vehicles in China has reached 20%, marking the beginning of a high-growth phase [3] - The market for lithium batteries in engineering machinery is projected to exceed 80GWh by 2030, becoming the third growth pole after passenger and commercial vehicles [4] Group 1: Industry Developments - The penetration rate of new energy VAN vehicles has surpassed 40%, indicating a synchronous resonance with the passenger vehicle market [3] - New energy light trucks have a penetration rate close to 20%, with a significant acceleration in electrification [3] - The upcoming "megawatt-level" 453kWh battery can charge from 10% to 80% in just 18 minutes, potentially saving over 50,000 yuan in operational revenue per user annually [3] Group 2: Technological Innovations - The 41.86kWh standardized battery for urban logistics vehicles can achieve rapid charging in 18 minutes, reducing energy costs [5] - The 160kWh light truck battery maintains 85% energy efficiency in low-temperature environments, addressing winter range anxiety [6] - The 448kWh battery system has been integrated into the vehicle body, reducing weight by 0.5 tons, which can increase cargo capacity and reduce transportation costs significantly [6] Group 3: Market Strategies - The company has introduced a 43.8kWh battery with a 10-year or 1 million kilometers warranty to address the "vehicle-battery lifespan mismatch" issue [7] - Collaborations with major vehicle manufacturers like Huawei and SANY highlight the importance of ecosystem synergy in the industry [7] - The shift from focusing solely on performance metrics to creating value throughout the entire lifecycle of commercial vehicles is a key trend [8]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源： 中国汽车动力电池产业创新联盟 中国汽车动力电池产业创新联盟 、2025年4月动力和其他电池产量 4月动力和其他电池产量同比增长。 GWI 动力和其他电池月度产量及环比增长率 2024年 1.096.8GW 2023年 41.0% 778. 1GWh 100 + 42.5% 80 60 40 20 1.1 4月动力和其他电池产量同比增长 按材料类型划分的动力和其他电池产量 单位:GWh | 材料种类 | ４月 | | 4月占比 1-4月累计 | | 1-4月累计占比 环比增长 同比增长 累计同比增长 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 三元材料 23.5 | | 19. 8% | 87. 2 | 19. 6% | -1. 4% | 1.7% | 1.8% | | 磷酸铁锂 94. 6 | | 80. 0% | 356.7 | 80. 2% | -0. 3% | 68. 6% | 98. 6% | | 其他类型 | 0. 2 | 0 ...

文 | 新能源产业家 2024年，新能源行业堪称惊涛骇浪。 接下来，储能还是一个值得投身的红利行业吗？或许"一九定律"还会愈演愈烈。 储能电池TOP厂商霸榜 在储能电池领域，已上市企业中营收超百亿的厂商包括比亚迪、宁德时代、亿纬锂能。在我们统计的14家储能电池厂商的2024年营收 中，宁德时代一家储能板块营收就达到572.90亿。 超过13万光伏人失业，哀鸿遍野。而"拥挤"异常的储能赛道又如何呢？我们或许能够通过上市公司的财报，对储能的2024有一个更加真 实且直观的体会。 据新能源产业家不完全统计，20家储能产业链上市公司中，2024年合计员工人数规模保持在近40万人左右，同比去年变动不大。 | | | 2024年20家储能产业链上市公司员工人数变动统计 | | | | --- | --- | --- | --- | --- | | 企业名称 | 2024 年 | 2023 年 | 人员增减 | 同比增幅 | | | (人) | (人) | (人) | | | 宁德时代 | 131988 | 116055 | 15933 | 13.73% | | 欣旺达 | 54292 | 47448 | 6844 | 1 ...

Core Insights - The company reported a Q1 2025 revenue of 12.8 billion yuan, a year-on-year increase of 37.3% but a quarter-on-quarter decrease of 12% [1] - The net profit attributable to shareholders was 1.1 billion yuan, reflecting a year-on-year growth of 3.3% and a quarter-on-quarter increase of 24% [1] - The non-recurring net profit reached 820 million yuan, up 16.6% year-on-year and 23.6% quarter-on-quarter [1] Group 1: Battery Sales Performance - In Q1 2025, the company shipped 10.17 GWh of power batteries, marking a year-on-year increase of 57.58%, benefiting from the growth in commercial vehicle sales [2] - The market share for power batteries was 13.41%, maintaining the second position in the domestic market, with over 80% coverage among top customers in the new energy commercial vehicle segment [2] - The company shipped 12.67 GWh of energy storage batteries, showing a year-on-year growth of 80.54%, although the quarter-on-quarter performance was affected by seasonal factors [2] Group 2: Profitability and Cost Management - The overall gross margin for the company reached 17.16%, with stable margins for power batteries and a slight decline in energy storage battery margins due to utilization rates [2] - In Q1 2025, the company reported investment income of 120 million yuan, while the total expense ratio was 10.85%, a year-on-year decrease of 1.75 percentage points [3] - The financial expense ratio increased to 1.41%, reflecting a year-on-year rise of 0.57 percentage points, while R&D expense ratio decreased to 4.76%, down 3.00 percentage points year-on-year [3] Group 3: Future Outlook - The company is expected to benefit from increased utilization rates driven by the growth in power battery demand and improved energy storage shipment structure [3] - The establishment of the Malaysian energy storage base is anticipated to mitigate the impact of U.S. tariffs, with expectations for further unit profit growth from large cylindrical battery shipments [3] - Projected revenues for 2025 and 2026 are 5.1 billion yuan and 7.1 billion yuan, respectively, with corresponding price-to-earnings ratios of 18 and 13 times [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 12.8 billion yuan in Q1 2025, representing a year-on-year growth of 37.3% but a quarter-on-quarter decline of 12% [2][4]. - The net profit attributable to the parent company was 1.1 billion yuan, showing a year-on-year increase of 3.3% and a quarter-on-quarter increase of 24% [2][4]. - The company's overall gross margin reached 17.16%, with stable margins for power batteries and a slight decline for energy storage batteries due to utilization rates [11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 12.8 billion yuan, a 37.3% increase year-on-year, while net profit was 1.1 billion yuan, up 3.3% year-on-year [2][4]. - The company’s non-recurring net profit was 820 million yuan, reflecting a 16.6% year-on-year growth [2][4]. - The company’s investment income for Q1 2025 was 120 million yuan, and the total expenses ratio was 10.85%, a decrease of 1.75 percentage points year-on-year [11]. Product Performance - The company’s power battery shipments reached 10.17 GWh in Q1 2025, a year-on-year increase of 57.58%, benefiting from the growth in commercial vehicles [11]. - Energy storage battery shipments were 12.67 GWh, marking an 80.54% year-on-year increase, although affected by seasonal factors [11]. Market Position - The company maintained a market share of 13.41% in Q1 2025, ranking second in the domestic market for power batteries [11]. - The company aims to leverage its Malaysian energy storage base to mitigate the impact of U.S. tariffs and enhance profitability through larger cylindrical battery shipments [11]. Future Outlook - The company is expected to see improved profitability driven by increased utilization rates and better energy storage shipment structures [11]. - Forecasted net profits for 2025 and 2026 are 5.1 billion yuan and 7.1 billion yuan, respectively, with corresponding price-to-earnings ratios of 18 and 13 times [11].

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, indicating a positive outlook for the sector despite anticipated performance declines in 2024 [1]. Core Insights - The overall performance of the lithium battery industry is expected to decline in 2024, with a significant improvement in profitability anticipated in Q1 2025 [1][4]. - The lithium battery segment is the only part of the industry projected to see a year-on-year increase in net profit, driven by a reduction in upstream material costs [4][30]. - The report highlights a shift in profitability towards the battery segment, with its contribution to net profit rising to 98.11% in 2024 [4][29]. Summary by Sections 1. 2024: Overall Industry Performance Decline - The lithium battery industry is projected to generate revenue of CNY 967.99 billion in 2024, a decrease of 9.92% year-on-year, with net profit expected to be CNY 59.21 billion, down 11.09% [4][13]. - The battery segment is the only area expected to see a net profit increase of 17.25%, while other segments face significant declines [4][30]. - Capital expenditures are anticipated to decrease by 17.88%, reflecting a slowdown in capacity expansion across the industry [4][53]. 2. Q1 2025: Significant Profitability Improvement - In Q1 2025, the industry is expected to achieve revenue of CNY 235.37 billion, marking a year-on-year increase of 12.62% [4][58]. - Net profit for Q1 2025 is projected at CNY 18.34 billion, representing a year-on-year growth of 27.44% and a quarter-on-quarter increase of 63.06% [4][58]. - Most segments, except for separators and lithium battery equipment, are expected to show significant improvements in net profit both year-on-year and quarter-on-quarter [4][58]. 3. Investment Recommendations - The report suggests focusing on battery segments with strong performance support, leading material companies showing marginal improvements, and segments benefiting from solid-state battery advancements [4][58]. - Key investment targets include companies such as CATL, EVE Energy, and others within the solid-state battery supply chain [4][58].

惠州亿纬锂能股份有限公司 2024 年年度权益分派实施公告 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"）2024 年年度权益分派方案已获 2025 年 5 月 8 日召开的 2024 年度股东大会审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案的情况 1、公司于 2025 年 5 月 8 日召开的 2024 年度股东大会审议通过《关于 2024 年度 利润分配预案及 2025 年中期分红规划的议案》，公司 2024 年年度利润分配方案如下： 以现有总股本 2,045,721,497 股扣除公司回购专用证券账户上的股份 6,872,366 股后的 股本 2,038,849,131 股为基数，向全体股东每 10 股派发现金股利人民币 5.00 元（含税）， 合计派发现金股利人民币 1,019,424,565.50 元（含税），本次分配不送红股，不以资本 公积金转增股本，剩余未分配利润结转以后年度分配。如公司在实施权益分派的股权 登记日前公司总股本或回购专用证券账户股份发生变动，将按照现金分红总额不 ...

证券代码：300014 证券简称：亿纬锂能 公告编号：2025-066 债券代码：123254 转债简称：亿纬转债 惠州亿纬锂能股份有限公司 关于可转换公司债券转股价格调整的公告 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。 特别提示： 1、本次调整前"亿纬转债"转股价格为：51.39 元/股 上述两项同时进行：P1=（P0+A×k）÷（1+n+k）； 派送现金股利：P1=P0－D； 2、本次调整后"亿纬转债"转股价格为：50.89 元/股 3、本次转股价格调整生效日期：2025 年 5 月 19 日 一、关于"亿纬转债"转股价格调整的相关规定 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意惠州亿纬锂能 股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2024〕1910 号）同意注册，惠州亿纬锂能股份有限公司（以下简称"公司"）于 2025 年 3 月 24 日 向不特定对象发行可转换公司债券 50,000,000 张（债券简称"亿纬转债"，债券代码 "123254" ）。根据《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 ...