蔚蓝锂芯（002245）：业绩超预期，看好全年量利齐升

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 [4][11]. Core Insights - The company reported Q1 2025 revenue of 1.73 billion RMB, a year-on-year increase of 21%, but a quarter-on-quarter decrease of 10%. The net profit attributable to the parent company was 148 million RMB, showing a significant year-on-year increase of 205%, although it decreased by 25% compared to the previous quarter [2]. - The gross margin for Q1 2025 was 20.4%, up 6.1 percentage points year-on-year, while the net profit margin was 8.5%, up 5.1 percentage points year-on-year. The company is expected to see increased battery sales in Q2 2025, with an annual shipment forecast of over 600 million units [3]. - The company is projected to achieve net profits of 710 million RMB, 840 million RMB, and 1.01 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 46%, 18%, and 20% [4]. Summary by Relevant Sections Performance Review - Q1 2025 revenue was 1.73 billion RMB, with a year-on-year growth of 21% and a quarter-on-quarter decline of 10%. The net profit attributable to the parent company was 148 million RMB, reflecting a year-on-year increase of 205% but a quarter-on-quarter decrease of 25% [2]. Operational Analysis - The gross margin for Q1 2025 was 20.4%, which is a 6.1 percentage point increase year-on-year. The net profit margin was 8.5%, up 5.1 percentage points year-on-year. The company anticipates a strong Q2 2025 with increased battery sales and a forecast of over 600 million units shipped for the year [3]. Profit Forecast, Valuation, and Rating - The company is expected to see net profits of 710 million RMB, 840 million RMB, and 1.01 billion RMB for 2025, 2026, and 2027, respectively, with growth rates of 46%, 18%, and 20%. The report maintains a "Buy" rating with a projected PE ratio of 21, 18, and 15 for the respective years [4].