亿纬锂能（300014）：公司出货量将保持较快增长，盈利能力逐步改善，建议“买进”

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% [7][11]. Core Insights - The company's shipment volume is expected to maintain rapid growth, with energy storage and power battery shipments in the first half of 2025 reaching 28.71 GWh and 21.48 GWh, representing year-on-year increases of 37% and 58.6% respectively [7][8]. - The company is positioned to benefit from a peak delivery season for energy storage batteries, currently operating at full production capacity, and is expected to see improved profitability as capacity utilization increases and supportive policies are implemented [7][8]. - The company’s three main segments—consumer batteries, energy storage batteries, and power batteries—are all in an expansion phase, with significant improvements in capacity utilization observed this year [7][8]. Summary by Sections Company Overview - The company operates in the electrical equipment industry, with a current A-share price of RMB 73.81 and a market capitalization of RMB 137.39 billion [3]. - Major shareholder is Tibet Yiwei Holdings Co., Ltd., holding 32.02% of shares [3]. Financial Performance - Expected net profits for 2025, 2026, and 2027 are RMB 44 billion, RMB 67.5 billion, and RMB 89 billion respectively, with year-on-year growth rates of 7.9%, 53.4%, and 32% [8][10]. - Earnings per share (EPS) are projected to be RMB 2.15, RMB 3.3, and RMB 4.35 for the same years [8][10]. Market Position - The company ranks second in market share for commercial vehicle batteries, with the commercial vehicle electrification rate currently at 10%, indicating significant growth potential [7]. - The domestic sales of new energy commercial vehicles increased by 55% year-on-year from January to August, particularly in the heavy-duty truck segment [7]. Future Outlook - The company anticipates a continued increase in overall shipment volume, with expectations of over 30% year-on-year growth in 2026 due to strong demand in both power and energy storage battery segments [8]. - The report highlights a recovery in lithium battery prices and an improvement in profitability as large-scale energy storage projects become more viable [8].