亿纬锂能：储能出货翻倍增长，稼动率维持高位

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][10]. Core Insights - The company reported a revenue of 21.66 billion RMB for 1H24, a year-on-year decrease of 6%, while the net profit attributable to shareholders was 2.14 billion RMB, down 1% year-on-year. However, the non-recurring net profit increased by 19% year-on-year to 1.50 billion RMB [1]. - In Q2 alone, the company achieved a revenue of 12.34 billion RMB, reflecting a 5% year-on-year increase and a 32% quarter-on-quarter increase. The net profit for Q2 was 1.07 billion RMB, up 6% year-on-year and stable compared to the previous quarter [1]. - The company’s battery segments showed varied performance: energy storage and consumer batteries grew by 10% and 30% respectively, while power batteries faced a 26% decline in revenue [2]. Performance Summary - Revenue Breakdown: For 1H24, the revenue from power, storage, and consumer batteries was 9.0 billion, 7.8 billion, and 4.8 billion RMB respectively, with year-on-year changes of -26%, +10%, and +30% [2]. - Sales Volume and Pricing: The company shipped 13.54 GWh of power batteries (up 7% year-on-year) at an average price of 0.66 RMB/Wh, and 20.95 GWh of storage batteries (up 133% year-on-year) at an average price of 0.37 RMB/Wh [2]. - Profitability: The gross margins for power, storage, and consumer batteries were 11.5%, 14.4%, and 28.3% respectively, with year-on-year changes of -2.7, -1.3, and +7.0 percentage points [2]. - Overall Profitability: The gross margin for 1H24 was 16.45%, up 0.5 percentage points year-on-year, while the net profit margin was 9.9%, also up 0.5 percentage points year-on-year [2]. Capacity and Investment Outlook - The overall capacity utilization rate is approximately 84%, with power and storage batteries at 70%. The company plans to maintain a steady capital expenditure of around 30 billion RMB over the next five years, with half allocated to overseas projects [2]. - The company has a robust order backlog for energy storage batteries, and the outlook for power battery shipments is expected to improve in H2, supported by stable cell prices [2]. Profit Forecast and Valuation - The company is projected to achieve net profits of 4.5 billion, 5.7 billion, and 7.0 billion RMB for the years 2024 to 2026, with corresponding EPS of 2.2, 2.8, and 3.4 RMB, and PE ratios of 16, 12, and 10 times respectively [2].