Financial Performance - Revenue for the third quarter was RMB 12.39 billion, a decrease of 1.30% year-over-year[2] - Net profit attributable to shareholders was RMB 1.05 billion, down 17.44% year-over-year[2] - Total operating income decreased to 34.05 billion yuan from 35.53 billion yuan, a decline of 4.17%[24] - Net profit attributable to the parent company increased to 16.32 billion yuan from 14.16 billion yuan, a rise of 15.26%[24] - Net profit attributable to parent company shareholders was 3,188,651,049.63 RMB, compared to 3,424,389,233.10 RMB in the previous period[25] - Basic earnings per share were 1.56 RMB, down from 1.67 RMB[26] - Total comprehensive income was 3,305,701,468.24 RMB, compared to 3,883,272,081.43 RMB in the previous period[26] - Sales revenue from goods and services was 24,952,121,048.25 RMB, slightly down from 25,160,785,040.17 RMB[27] Battery Shipments and Market Share - Energy storage battery shipments reached 35.73 GWh, a 115.57% increase year-over-year[6] - Power battery shipments were 20.71 GWh, up 4.96% year-over-year[6] - The company's commercial vehicle battery market share in China reached 13.09%, ranking second[6] Production Capacity and Investments - The company's nickel-cobalt wet smelting project in Indonesia has an annual production capacity of 120,000 tons of nickel and 15,000 tons of cobalt[6] - The joint venture with DFD in Yunnan has reached full production capacity of 110,000 tons of lithium iron phosphate annually[7] - The company's subsidiary, Eve Lithium Malaysia, plans to invest up to RMB 3,277.07 million (approximately USD 459.69 million) in a project to manufacture energy storage and consumer batteries in Malaysia[19] Assets and Liabilities - The company's total assets increased by 6.88% to RMB 100.84 billion compared to the end of the previous year[3] - The company's equity attributable to shareholders increased by 5.44% to RMB 36.62 billion compared to the end of the previous year[3] - Total assets increased to 100.84 billion yuan from 94.36 billion yuan, a growth of 6.87%[22] - Long-term equity investments rose to 14.64 billion yuan from 14.41 billion yuan, an increase of 1.56%[22] - Fixed assets grew to 27.66 billion yuan from 21.75 billion yuan, a significant increase of 27.17%[22] - Construction in progress decreased to 10.20 billion yuan from 14.05 billion yuan, a drop of 27.43%[22] - Total liabilities increased to 60.86 billion yuan from 56.35 billion yuan, a rise of 8.00%[23] - Short-term borrowings increased to 1.35 billion yuan from 1.12 billion yuan, a growth of 20.33%[22] - Derivative financial liabilities increased by 1,103.96% to RMB 8,488,500 due to changes in the fair value of cash flow hedges[9] - Notes payable decreased by 37.93% to RMB 3,846,992,399.87 as a result of the maturity of previously issued bank acceptance bills and an increase in the proportion of electronic debt certificate settlements[9] - Employee compensation payable decreased by 49.85% to RMB 337,555,885.12 due to the payment of year-end bonuses accrued in the previous year[9] - Non-current liabilities due within one year increased by 56.79% to RMB 6,341,949,325.62 as some borrowings by the company and its subsidiaries are due within one year[9] - Other current liabilities increased by 122.43% to RMB 2,744,141,970.08 as subsidiaries endorsed and paid some bills during the reporting period[9] Cash Flow and Financial Expenses - The company's operating cash flow for the first nine months was RMB 2.12 billion, a decrease of 60.51% year-over-year[2] - Financial expenses increased by 226.07% to RMB 333,705,279.72 due to reduced exchange gains and increased interest expenses[10] - Net cash flow from operating activities decreased by 60.51% to RMB 2,116,324,374.61 as the company received payments from customers in the form of bills[11] - Net cash flow from financing activities increased by 185.87% to RMB 3,053,054,889.34 due to long-term borrowings by the company and its subsidiaries[11] - The impact of exchange rate changes on cash and cash equivalents increased by 188.59% to RMB 36,044,171.31 due to fluctuations in the USD to RMB exchange rate[11] - The net increase in cash and cash equivalents decreased by 1,610.59% to RMB -966,295,143.51 due to a decline in net cash flow from operating activities[11] - Cash flow from operating activities was 2,116,324,374.61 RMB, down from 5,358,649,318.89 RMB[28] - Cash flow from investing activities was -6,171,718,578.77 RMB, compared to -6,321,981,455.17 RMB in the previous period[28] - Cash flow from financing activities showed an increase in borrowing, with 9,233,349,714.81 RMB received from loans, up from 5,226,456,514.61 RMB[28] - Cash and cash equivalents at the end of the period amounted to 8,936,786,332.32 RMB[29] - Net cash flow from financing activities was 3,053,054,889.34 RMB[29] - Total cash outflow from financing activities was 6,180,294,825.47 RMB[29] - Cash paid for dividends, profits, or interest payments was 1,546,353,148.60 RMB[29] - Net increase in cash and cash equivalents was -966,295,143.51 RMB[29] - Cash and cash equivalents at the beginning of the period were 9,903,081,475.83 RMB[29] - Impact of exchange rate changes on cash and cash equivalents was 36,044,171.31 RMB[29] - Cash paid for other financing-related activities was 488,691,427.34 RMB[29] Subsidiary Activities and Agreements - The company's subsidiary, Eve Power, signed an agreement to deliver approximately 19.5GWh of square lithium iron phosphate batteries to AESI[20] - The company's subsidiary, Eve Power, was selected by Leapmotor as a development and cooperation supplier for lithium-ion battery cells[20] Employee Compensation and Stock Plans - The company implemented the 11th employee stock ownership plan and the 6th restricted stock incentive plan during the reporting period[20] - The company's total restricted shares at the end of the period amounted to 184,286,851 shares, with 971,545 shares released and 131,626 shares added during the period[18] R&D and Other Expenses - R&D expenses increased to 2.17 billion yuan from 1.94 billion yuan, a growth of 11.89%[24] - Interest expenses increased to 450,614,273.59 RMB, up from 348,245,545.29 RMB in the previous period[25] - Interest income decreased to 127,850,120.09 RMB, down from 149,384,696.25 RMB[25] - Other income decreased to 1,020,919,033.23 RMB, down from 1,512,888,072.60 RMB[25] Current and Non-Current Assets - The company's total current assets as of September 30, 2024, amounted to RMB 40,019,503,958.62, compared to RMB 36,786,436,398.28 at the beginning of the period[21] - The company's monetary funds decreased to RMB 9,488,551,624.71 as of September 30, 2024, from RMB 10,506,208,550.05 at the beginning of the period[21] - The company's trade receivables increased to RMB 12,493,222,676.56 as of September 30, 2024, from RMB 12,427,533,747.50 at the beginning of the period[21] - The company's inventory decreased to RMB 5,924,579,949.11 as of September 30, 2024, from RMB 6,316,007,223.39 at the beginning of the period[21] - The company's total non-current assets as of September 30, 2024, included debt investments of RMB 1,728,466,889.18, compared to RMB 1,689,305,990.12 at the beginning of the period[21] Minority Interests - Minority interests increased to 3.36 billion yuan from 3.27 billion yuan, a growth of 2.65%[24]

| --- | |-------| | | | | 储能出货量高增，消费竞争力强 ——亿纬锂能 2024 中报点评 | --- | |-------| | | | | | --- | |-------| | | | | ◼ 核心观点 亿纬锂能公布 2024 半年报：报告期内公司营收约 216.6 亿元，同比约 -6%，归母净利润约 21.4 亿元，同比约-1%，扣非归母净利润约 15.0 亿元，同比约+19%。 上半年储能表现稳健，消费表现亮眼。从收入拆分看，动力电池上半 年收入约 89.9 亿元，同比约-26%，储能电池收入约 77.7 亿元，同比 约+10%，消费电池收入约 48.5 亿元，同比约+30%。动力上半年毛利 率约 11%，同比约-3pct，储能毛利率约 14%，同比约-1pct，消费毛利 率约 28%，同比约+7pct。 动力出货量提升，市场份额居前。虽然公司上半年动力收入下滑，但 出货量保持增长，2024 上半年公司动力电池出货量约 13.5GWh，同比 增长约 7%。2024 上半年，公司在新能源商用车装车量排名第二，市 场份额约 13.6%，在中国电动重卡装机量排名第二，市场份额 16 ...

[Table_MainInfo] 公司研究/信息设备/电子元器件 证券研究报告 亿纬锂能（300014）公司研究报告 2024 年 09 月 14 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 13 日收盘价（元） ] | 32.80 | | 52 周股价波动（元） | 30.53-48.60 | | 总股本 / 流通 A 股（百万股） | 2046/1861 | | 总市值 / 流通市值（百万元） 相关研究 | 67100/61055 | | --- | --- | --- | --- | |--------------------------|--------|----------|-------| | | | | | | [Table_QuoteInfo] | | | | | 市场表现 亿纬锂能 | | 海通综指 | | | 2.85% | | ...

流通市值（百万） 62,655.89 2024 年 09 月 12 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn 证券分析师： 李铭全 S0350523030001 limq@ghzq.com.cn [Table_Title] 签订储能大单，持续完善全球化产业布局 ——亿纬锂能（300014）点评报告 事件: 最近一年走势 亿纬锂能 9 月 11 日晚间发布公告：2024 年 9 月 10 日，公司子公司湖北 亿纬动力有限公司与 American Energy Storage Innovations, Inc.（简称 " AESI "） 签 订 《 AMENDMENT NO.1 TO MASTER PURCHASE AGREEMENT》，根据本协议约定亿纬动力预计向 AESI 交付约 19.5GWh 方形磷酸铁锂电池。 投资要点: 相对沪深 300 表现 2024/09/11 与海外优质储能提供商签订协议，供货量相比原协议提升。2023 年 表现 1M 3M 12M 6 月 15 日，公司与 American Battery ...

股 票 研 究 证 券 研 究 报 告 ——亿纬锂能 2024 年上半年业绩点评 [table_Authors] 庞钧文(分析师) 牟俊宇(分析师) 021-38674703 0755-23976610 pangjunwen@gtjas.com moujunyu@gtjas.com 登记编号 S0880517120001 S0880521080003 本报告导读： 公司上半年动力储能业务发展良好，短期受行业及产品结构影响盈利能力有所下滑。 长期看新产品新模式有望助力公司持续增长。 投资要点： [Table_Summary] 维持增持评级。考虑到行业阶段性产能过剩带来的盈利承压，下调 公司 24-25 年 EPS 为 2.26（-0.07）元、2.69（-0.36）元，新增 26 年 EPS 为 3.35 元，参考同类可比公司给予 24 年 18.61X PE，目标价下 调为 42.06 元。 业绩略低于预期，盈利能力有所下降。24Q2 公司实现营收 123.42 亿 元，同增 4.7%%，环增 32.5%；归母净利润 10.72 亿元，同增 6.0%， 环增 0.6%；扣非归母净利润 7.98 亿元，同增 2 ...

证券研究报告 | 公司动态点评 2024 年 09 月 02 日 亿纬锂能（300014.SZ） 公司储能出货实现翻倍增长，CLS 模式落地美国市场 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | | | | | | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 36,304 | 48,784 | 55,379 | 69,407 | 84,329 | | 增长率 yoy （ % ） | 114.8 | 34.4 | 13.5 | 25.3 | 21.5 | | 归母净利润（百万元） | 3,509 | 4,050 | 4,795 | 6,013 | 7,664 | | 增长率 yoy （ % ） | 20.8 | 15.4 | 18.4 | 25.4 | 27.4 | | ROE （ % ） | 11.1 | 11.9 | 12. ...

电力设备 | 证券研究报告 — 调整盈利预测 2024 年 9 月 3 日 300014.SZ 买入 原评级：买入 市场价格:人民币 32.56 板块评级:强于大市 股价表现 (36%) (29%) (22%) (14%) (7%) 0% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 亿纬锂能 深圳成指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (20.3) (12.3) (16.9) (33.5) 相对深圳成指 (7.2) (7.8) (4.2) (11.6) | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 2,045.72 | | 流通股 ( 百万 ) | | 1,861.43 | | 总市值 ( 人民币 百万 ) | | 66,608.69 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 801.30 | | 主要股东 ...

惠州亿纬锂能股份有限公司 2024 年半年度报告全文 惠州亿纬锂能股份有限公司 2024 年半年度报告 2024-094 2024 年 08 月 1 惠州亿纬锂能股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人刘金成、主管会计工作负责人江敏及会计机构负责人（会计主 管人员）江敏声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司面对的主要风险因素为汇率波动风险、政策变动风险及原材料价格波 动风险，主要风险因素和应对措施详见本报告"第三节管理层讨论与分析"之 "十、公司面临的风险和应对措施"部分，敬请投资者注意并仔细阅读。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 惠州亿纬锂能股份有限公司 2024 年半年度报告全文 目录 | --- | |--------------------------------------------------------- ...

证券代码：300014 证券简称：亿纬锂能 公告编号：2024-100 惠州亿纬锂能股份有限公司 关于 2024 年半年度报告的更正公告 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2024年8月23日在创业板信息 披露网站巨潮资讯网（http://www.cninfo.com.cn）披露了《公司2024年半年度报告》。 经公司事后审核发现，因工作人员疏忽，部分数据列报有误，现将2024年半年度报告 部分内容具体更正如下： 公司2024年半年度报告第169页："第十节财务报告"-"十四、关联方及关联交易" -"5、关联交易情况"-"（1） 购销商品、提供和接受劳务的关联交易" 更正前： （1） 购销商品、提供和接受劳务的关联交易 采购商品/接受劳务情况表 单位：元 | --- | --- | --- | --- | |--------------------|--------------------|------------------|------------------| | 关联方 | 关联交易内容 | 本 ...

证 券 研 究 报 告 亿纬锂能（300014）2024 年半年报点评 强推（维持） 储能出货高增长，新技术不断突破 目标价：47.16 元 事项： 亿纬锂能发布 2024 年半年度报告：公司 2024 年 H1 营收 216.59 亿元，同 降 5.73%；归母净利 21.37 亿元，同比-0.64%；扣非归母净利 14.99 亿元，同 比 19.32%。 其中 24Q2 实现营收 123.42 亿元，环比+32.46%；归母净利 10.72 亿元，环比 +0.55%；扣非归母净利润 7.98 亿元，环比+13.77%。 评论： 储能表现亮眼，海外布局顺利推进。公司 2024H1 动力电池出货量 13.54GWh， 同比增长 7.03%，新能源商用车出货量快速增长。根据中国汽车动力电池产业 创新联盟数据显示，2024 年 1-6 月，公司在国内新能源商用车装车量排名第 二，市占率 13.59%。根据 EV Tank 数据显示，24 年 H1 公司在中国电动重卡 装机量排名第二，市占率 16.4%。储能板块业务收入约 77.74 亿元，同比增长 9.93%，储能电池出货量 20.95GWh，同比增长 133. ...