LG Energy Solution 2025Q1 营收同比增加 2.2%至 6.27 万亿韩元，净利润同比增加 7.08%至 2270 亿韩元

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 in the upcoming months [4]. Core Insights - In Q1 2025, LG Energy Solution (LGES) reported a revenue increase of 2.2% year-on-year to 6.27 trillion KRW (approximately 340.2 billion RMB), despite a quarter-on-quarter decrease of 2.9% [1]. - The operating profit for Q1 2025 was 375 billion KRW (approximately 20.25 billion RMB), a significant recovery from a loss of 2.26 trillion KRW in the previous quarter, marking a year-on-year increase of 138.85% [1]. - The net profit for Q1 2025 was 227 billion KRW, up 7.08% year-on-year, compared to a loss of 411 billion KRW in the previous quarter [1]. - The company’s total debt reached 17.61 trillion KRW at the end of Q1 2025, reflecting a quarter-on-quarter increase of 14.4% and a year-on-year increase of 36.98% [2]. Financial Performance Summary - Revenue for Q1 2025 was 6.27 trillion KRW, with a gross profit margin of 16.2% [7]. - The operating profit margin, excluding IRA tax credits, was -1.3% for Q1 2025, indicating challenges in profitability without tax incentives [7]. - Cash and cash equivalents at the end of Q1 2025 were 3.57 trillion KRW, down 8.34% quarter-on-quarter and down 32.4% year-on-year [1]. Operational Developments - LGES has adjusted its North American production capacity in response to market demand, pausing the construction of its ESS battery plant in Arizona and instead utilizing existing capacity in Michigan to produce LFP batteries [3]. - The company is acquiring a joint venture with General Motors in Michigan, which will significantly expand its North American operations [3]. - LGES has secured new orders for 10GWh of batteries from a traditional automaker in North America and has won contracts for ESS batteries in Europe and the U.S. [3]. Future Outlook - The company plans to streamline operations and reduce costs while actively seeking strategic opportunities in light of regulatory changes affecting the battery industry [6]. - LGES will focus on essential investments and adjust its capacity expansion plans according to market demand [6]. - The company aims to mitigate tariff impacts by collaborating with material companies entering North America and accelerating the development of new technologies to lower production costs [6].