民生证券：给予亿纬锂能买入评级

Core Viewpoint - EVE Energy Co., Ltd. has shown strong growth in overseas business and is leading in the mass production of large-capacity battery cells, with a "buy" rating from Minsheng Securities [1] Financial Performance - In the first half of 2025, the company achieved revenue of 28.17 billion yuan, a year-on-year increase of 30.06%, while net profit attributable to shareholders was 1.605 billion yuan, a decrease of 24.90% [2] - For Q2 2025, revenue was 15.373 billion yuan, up 24.56% year-on-year and 20.14% quarter-on-quarter; net profit was 504 million yuan, down 52.96% year-on-year and 54.22% quarter-on-quarter [2] - The gross margin for Q2 2025 was 17.46%, an increase of 1.90 percentage points year-on-year, while the net margin was 3.76%, a decrease of 5.09 percentage points year-on-year [2] Business Growth and Innovation - In H1 2025, the company shipped 21.48 GWh of power batteries, a year-on-year increase of 58.58%, and 28.71 GWh of energy storage batteries, a year-on-year increase of 37.02% [3] - The company's overseas production capacity is expanding, with a factory in Malaysia progressing towards mass production, expected to begin in early 2026 [3] - The CLS model has been successfully implemented, allowing the company to transition from a battery manufacturer to a provider of energy solutions, which is anticipated to be a new growth driver [3] Technological Advancements - The company is the first globally to achieve mass production of 600Ah+ large square lithium iron phosphate storage batteries, marking a significant milestone in the energy storage industry [4] - The company has also achieved mass production of over 60,000 large cylindrical batteries, with a global production capacity exceeding 70 GWh [4] Investment Outlook - Revenue projections for 2025-2027 are 62.34 billion yuan, 80.36 billion yuan, and 104.48 billion yuan, with year-on-year growth rates of 28.2%, 28.9%, and 30.0% respectively [4] - Net profit forecasts for the same period are 4.551 billion yuan, 7.092 billion yuan, and 9.574 billion yuan, with corresponding growth rates of 11.7%, 55.8%, and 35.0% [4]