亿纬锂能：储能出货高速增长，海外市场稳步推进

Investment Rating - The investment rating for the company is "Buy-B" [1][2] Core Views - The company has experienced rapid growth in energy storage shipments and is steadily advancing in overseas markets. The revenue for the first half of 2024 reached 21.66 billion yuan, with a year-on-year decrease of 5.7%, while the net profit attributable to shareholders was 2.14 billion yuan, a slight decrease of 0.6% year-on-year. However, the net profit excluding non-recurring items increased by 19.3% year-on-year [1][2] - The company has achieved a significant increase in energy storage battery shipments, with a market share further improving. In the first half of 2024, the revenue from power batteries and energy storage batteries was 8.99 billion yuan and 7.77 billion yuan, accounting for 41.52% and 35.89% of total revenue, respectively. The shipment volume of energy storage batteries reached 20.95 GWh, a year-on-year increase of 133.18% [1][2] - The company is focusing on overseas markets, with overseas revenue reaching 5.443 billion yuan, accounting for 25.13% of total revenue. The successful launch of the energy storage project in Malaysia supports global delivery [1][2] Financial Performance - For the first half of 2024, the company reported total revenue of 21.66 billion yuan, with a year-on-year decrease of 5.7%. The net profit attributable to shareholders was 2.14 billion yuan, a decrease of 0.6% year-on-year, while the net profit excluding non-recurring items increased by 19.3% year-on-year [1][2] - The company’s capacity utilization rate remained stable at 83.6%, with a comprehensive gross profit margin of 16.45%, a year-on-year increase of 0.5 percentage points [1][2] - The company’s R&D investment reached 1.468 billion yuan, a year-on-year increase of 16.42%, indicating a continuous commitment to product development and innovation [1][2] Future Outlook - The company is expected to see a new growth point starting in 2025 with the production of small cylindrical batteries in Malaysia, which is projected to contribute to revenue immediately upon production [2] - The profit forecasts for the company for 2024-2026 are adjusted to 4.701 billion yuan, 5.790 billion yuan, and 7.091 billion yuan, respectively, with corresponding P/E ratios of 13.9, 11.3, and 9.2 [2][3]