QuantumScape 2025 年计划运送 QSE-5 B1 样品供客户测试，预计 2025 年调整后 EBITDA 亏损为 2.5 亿至 2.8 亿美元

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more over the next six months [5]. Core Insights - QuantumScape achieved four key objectives in 2024, including the delivery of Alpha-2 samples and the initiation of small-scale production of QSE-5 B0 samples with an energy density of 844 Wh/L and a rapid charging time of just 12 minutes [1][3]. - The company is focusing on industrializing the QSE-5 technology platform in collaboration with PowerCo, aiming for gigawatt-hour scale production [2]. - The transition from the Raptor process to the Cobra process is expected in 2025, which will enhance production efficiency and reduce energy consumption [3][13]. - The financial outlook for 2025 includes an anticipated adjusted EBITDA loss of between $250 million and $280 million, with capital expenditures projected to be between $45 million and $75 million [10][12]. Summary by Sections 2024 Review - QuantumScape met four critical goals in 2024, including the delivery of Alpha-2 samples and the commencement of small-scale production of QSE-5 B0 samples [1]. - The Raptor process has shown significant improvements in yield and reliability, setting the stage for the transition to the Cobra process [3]. 2025 Goals - The company aims to integrate the Cobra process into its baseline production and deliver QSE-5 B1 samples for customer testing [7][8]. - Expansion of commercial partnerships is a priority, with ongoing discussions with two automotive OEMs [9]. Financial Outlook - The company reported a GAAP net loss of $114.662 million for Q4 2024, with an annual net loss of $477.942 million [10][17]. - Cash reserves at the end of 2024 were $910.8 million, extending the cash runway into the second half of 2028 [12][11].