亿纬锂能(300014)：动储盈利改善 减值、费用、所得税影响利润

Core Viewpoint - The company reported a slight decline in revenue for 2024, but a modest increase in net profit, indicating resilience in profitability despite revenue challenges [1] Financial Performance - Total revenue for 2024 was 48.615 billion yuan, a year-on-year decrease of 0.35% - Net profit attributable to shareholders was 4.076 billion yuan, a year-on-year increase of 0.63% - Non-recurring net profit reached 3.162 billion yuan, a year-on-year growth of 14.76% [1] - In Q4 2024, revenue was 14.565 billion yuan, a year-on-year increase of 9.89% and a quarter-on-quarter increase of 17.56% - Q4 net profit attributable to shareholders was 0.887 billion yuan, a year-on-year increase of 41.73% but a quarter-on-quarter decrease of 15.64% [1] Product Segmentation - The company achieved a sales volume of 30.29 GWh for power batteries, a year-on-year increase of 7.87% - Energy storage shipments reached 50.45 GWh, a significant year-on-year increase of 91.90%, outperforming industry growth rates [2] - Revenue from consumer batteries was 10.32 billion yuan, a year-on-year increase of 23.44%, with a gross margin of 27.6%, up 4 percentage points [2] Profitability Insights - The gross margin per Wh for both power and energy storage batteries declined year-on-year, primarily due to reduced overseas demand for ternary batteries and domestic price competition in energy storage [2] - In H2 2024, the gross margin per Wh for power batteries is expected to improve due to economies of scale and an increased share of commercial vehicles, which accounted for 12.15% of domestic battery sales [2] - Energy storage gross margin per Wh is also expected to improve due to better order structure [2] Future Outlook - Power battery shipments are anticipated to continue increasing, driven by the growth of commercial vehicles and Xiaopeng Motors [3] - The company aims to mitigate U.S. tariff impacts through its Malaysian energy storage base, with expectations for cylindrical battery shipments to enhance unit profitability [3] - Projected profits for 2025 and 2026 are 5.07 billion yuan and 7.11 billion yuan, respectively, with corresponding price-to-earnings ratios of 17 and 12 times [3]