蔚蓝锂芯（002245）：Q1业绩略超预期，马来工厂H2投运在即

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q1 2025 performance slightly exceeded market expectations, with revenue of 1.73 billion yuan, a year-on-year increase of 21% and a quarter-on-quarter decrease of 10%. The net profit attributable to the parent company was 140.82 million yuan, reflecting a year-on-year increase of 101% and a quarter-on-quarter decrease of 31% [10] - The company shipped 130 million battery units in Q1 2025, representing a year-on-year increase of 72% but a quarter-on-quarter decrease of 12%. The expected shipments for Q2 are projected to be 170 million units, a quarter-on-quarter increase of 30%, with an annual target of 700 million units, indicating a year-on-year growth of 60% [10] - The profitability of the lithium battery segment is expected to improve with the upcoming operational capacity release from the Malaysian factory in Q3 2025, with anticipated single-unit profitability reaching over 0.5 yuan [10] - The LED business showed strong profitability, contributing 44 million yuan in Q1 2025, a quarter-on-quarter increase of 31%. The annual profit contribution is expected to be between 150 million to 200 million yuan, reflecting a growth of over 35% [10] - The company is also expected to benefit from the growth in the BBU, robotics, and eVTOL sectors, which are anticipated to provide a second growth curve for the lithium battery segment [10] Financial Projections - The company forecasts total revenue of 8.183 billion yuan for 2025, with a year-on-year growth of 21.12%. The net profit attributable to the parent company is projected to be 652.36 million yuan, reflecting a year-on-year increase of 33.72% [1][11] - The earnings per share (EPS) for 2025 is estimated at 0.57 yuan, with a price-to-earnings (P/E) ratio of 22.82 based on the latest diluted shares [1][11] - The company anticipates a net profit of 1.053 billion yuan by 2027, with a corresponding P/E ratio of 14.14 [1][11]