Workflow
研报掘金丨国海证券:维持亿纬锂能“买入”评级,动力电池盈利能力显著修复
Ge Long Hui A P P·2025-08-26 05:23

Core Viewpoint - The report indicates that EVE Energy achieved a net profit of 1.61 billion yuan in H1 2025, a year-on-year decrease of 24.9%, while operating cash flow increased significantly by 660.7% to 2.37 billion yuan [1] Group 1: Financial Performance - In H1 2025, EVE Energy's net profit attributable to shareholders was 1.61 billion yuan, reflecting a decline of 24.9% year-on-year [1] - The company reported an operating cash flow of 2.37 billion yuan, which is an increase of 660.7% compared to the previous year [1] - The production capacity utilization rate for H1 2025 was 87.5%, indicating a high level of operational efficiency [1] Group 2: Business Operations - The company has seen a significant recovery in the profitability of its power battery segment, with high growth in energy storage battery shipments [1] - Recent upgrades to certain production lines were completed, with new production starting in July of this year [1] - EVE Energy continues to launch new products, which are expected to create new growth opportunities [1] Group 3: Market Outlook - The profitability of the power battery segment is expected to stabilize and trend upwards in the second half of the year [1] - The company is actively expanding its overseas presence and diversifying its strategies to explore new markets [1] - Revenue forecasts for 2025, 2026, and 2027 are adjusted to 66.7 billion yuan, 83.6 billion yuan, and 97.2 billion yuan respectively, with net profit estimates of 4.5 billion yuan, 7.5 billion yuan, and 9.5 billion yuan [1]