亿纬锂能（300014）：电池出货同比高增，储能盈利能力有望提升

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 87.37 and a sector rating of "Outperform" [2][6]. Core Insights - The company reported a net profit attributable to shareholders of RMB 2.816 billion for the first three quarters of 2025, with a revenue of RMB 45.002 billion, reflecting a year-on-year growth of 32.17% [11]. - The company's dynamic storage battery shipments have seen rapid growth, and its revenue scale and profitability are expected to improve [6][11]. - The report adjusts the earnings forecast for 2025-2027, with projected earnings per share of RMB 2.20, RMB 3.61, and RMB 4.83 respectively, reflecting a corresponding price-to-earnings ratio of 39.7, 24.2, and 18.1 times [8][10]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of RMB 450.02 billion, with a year-on-year increase of 32.17%. The net profit attributable to shareholders was RMB 28.16 billion, down 11.70% year-on-year [11][12]. - The third quarter alone saw a revenue of RMB 168.32 billion, up 35.85% year-on-year, with a net profit of RMB 12.11 billion, marking a 15.13% increase year-on-year [11][12]. Product Performance - The company’s power battery shipments reached 34.59 GWh in the first three quarters, a year-on-year increase of 66.98%. The demand for commercial vehicle batteries is expected to grow over 50% year-on-year in 2026 [11]. - The storage battery shipments also grew rapidly, reaching 48.41 GWh, a 35.51% increase year-on-year, with expectations for continued growth in the fourth quarter [11]. Valuation Adjustments - The report adjusts the earnings forecast, with the new estimates for diluted earnings per share for 2025-2027 being RMB 2.20, RMB 3.61, and RMB 4.83, compared to previous estimates of RMB 2.50, RMB 3.31, and RMB 4.02 [8][10]. - The adjusted earnings reflect a decrease of 12.1% for 2025, an increase of 9.1% for 2026, and a 20.1% increase for 2027 [10].