Investment Rating - The report maintains an "Accumulate" investment rating for the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [12]. Core Views - The company's performance in 2024 met expectations, with revenue of 48.615 billion yuan, a slight decrease of 0.35% year-on-year, and a net profit of 4.076 billion yuan, showing a growth of 0.63% year-on-year [7][12]. - The company is positioned well within the growing global electric vehicle market, with significant increases in both production and sales of power batteries and energy storage solutions anticipated for 2025 [7][9]. - The report highlights the company's strong growth in energy storage battery shipments, which increased by 91.90% year-on-year in 2024, contributing to 39.14% of total revenue [7][9]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 48.615 billion yuan, with a net profit of 4.076 billion yuan and a basic earnings per share of 1.99 yuan [7][12]. - The operating cash flow decreased by 48.90% year-on-year to 4.433 billion yuan, indicating challenges in cash generation [7]. Market Position and Growth - The global sales of new energy vehicles reached 13.6858 million units in 2023, with a projected growth of 25.98% in 2024 [7]. - The company ranked 9th globally in power battery shipments with a market share of 2.27% in 2024, and it is expected to maintain a strong position in the market [7][9]. Product Segments - The company’s power battery shipments in 2024 were 30.29 GWh, a year-on-year increase of 7.87%, although the average price per watt-hour decreased by 25.91% [9]. - The energy storage battery segment saw a significant increase in shipments, reaching 50.45 GWh in 2024, with revenue from this segment growing by 16.44% [9][11]. Future Outlook - The company is expected to see a recovery in revenue growth in 2025, driven by increasing demand for power batteries and the introduction of new models in the passenger vehicle sector [9][11]. - The report anticipates continued high growth in the energy storage battery market, supported by favorable government policies and technological advancements [11].

储能电池： 24年收入190亿元，同增16%，出货 50.45GWh，同增91.90%。24H2储能电池出货量29.5GWh，均价0.38 元/Wh，环比24H1略增，毛利率为14.96%，环比略增。公司60GWh 超级工厂投产，储能大容量电芯应用领 先。马来西亚工厂预计26年初量产，支持海外交付。 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 亿纬锂能24年营业收入486.15亿元，同降0.35%；归母净利润40.76亿元，同增0.63%；扣非归母净利润31.62亿 元，同增14.76%。 单季度来看，24Q4营业收入为145.65亿元，同增9.89%，环增17.56%；归母净利润8.87亿元，同增41.73%，环 降15.64%；扣非归母净利润6.62亿元，同增10.30% ...

Investment Rating - The report maintains an "Overweight" investment rating for the electric equipment industry [1] Core Views - The report highlights the EU's relaxation of trade barriers for electric vehicles and the significant potential for offshore wind energy projects [1] - Key recommended stocks include CATL, Sihua Intelligent Control, BYD, Sungrow Power Supply, and others, indicating strong growth prospects in their respective sectors [2] - The report emphasizes the robust growth in electric vehicle sales and the expected increase in demand for energy storage solutions, particularly in emerging markets [5][10] Industry Trends - The electric equipment sector has shown a mixed performance, with wind power and battery sectors experiencing growth, while photovoltaic and new energy vehicle sectors faced declines [5] - The report notes a significant increase in electric vehicle sales in March, with a year-on-year growth of 40% [25] - The energy storage market is projected to grow at a CAGR of 40-50% from 2023 to 2025, driven by demand in Europe and the Middle East [10] Company Performance - CATL reported Q1 2025 revenue of 84.705 billion, a year-on-year increase of 6.18%, with net profit rising by 32.85% [5] - Sihua Intelligent Control's revenue for 2024 is expected to grow by 14.44%, with a net profit increase of 22.55% [5] - BYD's sales in March reached 377,000 units, reflecting a 25% increase compared to the previous month [25] Investment Strategy - The report suggests that the robotics sector is poised for significant growth, with a projected market size exceeding 15 trillion, driven by advancements in humanoid robots [11] - In the electric vehicle sector, the report anticipates a 25-30% growth in sales for 2025, supported by new model launches and improved autonomous driving features [5][25] - The energy storage sector is expected to see a rebound in demand post-June 2025, with significant growth in both commercial and residential storage solutions [10]

插播 ：TOP10花落谁家？2024-2025用户侧储能项目TOP10榜单征集进行时，点击 上方二维码 进行申报 近日，又有4个储能系统采购项目开标，总规模 10GWh ，涉及阳光电源、鹏辉能源、 国轩高科、中车株洲所、比亚迪、华电科工、平高储能、特 变电工、思源清能、 中天储能、运达能源等多家企业。 4月18日，新疆华电乌鲁木齐100万干瓦/400万干瓦时、喀什100万干瓦/400万干瓦时磷酸铁锂电化学储能系统采购项目中标候 选人 公示，此次 招标容量为150万千瓦/600万千瓦时 。 据了解，该项目分为六个标段 ， 中车株洲所、比亚迪、华电科工、平高储能、特变电工、易事特、许继等企业入围， 最低0.405元/Wh 。 | 标段 | 排名 | 中标候选人 | 投标报价 | 折合单价 | | --- | --- | --- | --- | --- | | | | | (万元) | (元/W) | | 标段一：300MW/1200MWh | 第一中标候选人 | 中车株洲电力机车 | 51576 | 0.4298 | | | | 研究所有限公司 | | | | | 第二中标候选人 | 比亚迪汽车 | 53760 ...

宁德时代、亿纬锂能、海辰储能、比亚迪、远景动力、瑞浦兰钧、国轩高科、楚能新能源、中创新航、鹏辉能源、赣锋锂电 、 LG 新能源、 三星 SDI 、中天储能、 南都电源、天合储能、海四达、昆宇电源、欣旺达、力神电池、天弋能源、德赛电池、松下、派能科技、新能安、双 登、多氟多、海基新能源、珠海冠宇和豪鹏科技。 竞争格局变化： 宁德时代继续蝉联第一，但是与第二名份额差距缩小，亿纬锂能首次进入第二， 日韩 电池企业份额明显下降，三星 SDI 、 LG 新能源的排名首次跌出前 10 ，中国企业份额大幅度上升。全球储能锂电池 TOP10 企业均为中国企业。其中亿纬锂能、海辰储能、远景 动力、国轩高科、楚能新能源、中创新航、赣锋锂电、海四达、昆宇电源、多氟多、天弋能源等企业排名上升，珠海冠宇、豪鹏科技首次进入 榜单。 近日，全球新能源产业研究机构 -- 起点研究院（ SPIR ）发布了《 2025 全球储能锂电池 行业白皮书》， SPIR 数据显示， 2024 年全球 储能锂电池电芯出货量为 435.8Gwh ，同比增长 81% 。 2024 年全球储能锂电池出货量 CR5 为 53.5% ，相比 2023 年下降 5% ...

丨证券研究报告丨 公司研究丨点评报告丨宁德时代（300750.SZ） [Table_Title] 出货同比高增，盈利能力保持稳定 报告要点 [Table_Summary] 宁德时代发布 2025 年一季报，实现收入 847.05 亿元，同比增长 6.18%，归母净利润 139.63 亿元，同比增长 32.85%，扣非净利润 118.29 亿元，同比增长 27.92%。 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 宁德时代（300750.SZ） cjzqdt11111 [Table_Title2] 出货同比高增，盈利能力保持稳定 [Table_Summary2] 事件描述 宁德时代发布 2025 年一季报，实现收入 847.05 亿元，同比增长 6.18%，归母净利润 139.63 亿元，同比增长 32.85%，扣非净利润 118.29 亿元，同比增长 27 ...

-广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 大容量电芯竞争进入新阶段，瑞浦兰钧392Ah电芯重构储能价值 近日，瑞浦兰钧在北京发布了新一代大容量储能电芯问顶®392Ah及PowtrixTM6.26MWh储能系 统。 工商业深谷电价0.25元/度！午间新能源消纳增加5.8GW！山东首创"五段式"分时电价政策 行业一周热点新闻 4月15日上午，山东省人民政府新闻办公室举行"抓改革创新 促高质量发展"主题系列新闻发布会 第十七场，邀请山东省发展和改革委员会负责同志等介绍山东深化分时电价改革，促进新能源消 纳和惠企利民情况，并回答记者提问。山东省发展和改革委员会副主任刘勇介绍，山东省在全国 范围内率先建立并实施了"五段式"分时电价机制。 所谓"五段式"，就是将1天分为尖、峰、平、谷、深谷五个时段，根据不同时段的电力供需情 况，实行差异化的电价政策，目的在于引导用户削峰填谷、优化电力资源配置。 "五段式"分时电价政策简单来讲，就是将1天分为尖、峰、平、谷和深谷五个时段，以2025年4 月份35千伏一般工商业电价为例，低谷时段为10:00至15:00，电价为每度0 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 82.53 CNY, based on a 2025 PE of 17.02X [6]. Core Insights - The company is a leading domestic energy storage system integrator, with over 99% of its revenue coming from energy storage systems. It has shown significant revenue growth, achieving a year-on-year increase of 213% in 2022 and 166% in 2023 [1][4]. - The company has made substantial advancements in overseas markets, particularly in Europe, the United States, and the Asia-Pacific region, with notable partnerships and product certifications [3][4]. - The company is actively developing new products, including self-researched energy storage PCS, and is focusing on innovative technologies such as grid-type technology and silicon carbide applications [2]. Company Overview - Established in 2011, the company specializes in energy storage systems and power battery systems, providing comprehensive solutions for various sectors including traditional and renewable energy generation [13][24]. - The company has a concentrated ownership structure, with the actual controllers holding a combined 32.33% of the shares [13]. Financial Performance - The company forecasts revenues of 82.35 billion CNY, 114.60 billion CNY, and 142.83 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17.9%, 39.2%, and 24.6% [4]. - The net profit attributable to the parent company is projected to be 6.40 billion CNY, 8.62 billion CNY, and 10.63 billion CNY for the same years, with growth rates of 10.73%, 34.71%, and 23.23% [4]. Market Position - The company ranks among the top energy storage integrators in China, consistently achieving high shipment volumes and market share [19][49]. - The global energy storage market is expected to grow significantly, with a projected CAGR of 60.3% from 2023 to 2027, driven by increasing demand for energy storage solutions [49][50].

Core Viewpoint - Aiwai Electronics (688798) has experienced significant profit growth, driven by a recovering consumer electronics market and the acceleration of domestic substitution due to U.S. tariffs, with a focus on expanding into industrial and automotive sectors while strengthening overseas markets [1][2]. Financial Performance - The company reported a revenue of 2.933 billion yuan, an increase of 15.88% year-on-year, and a net profit attributable to shareholders of 255 million yuan, representing a nearly fourfold increase [1]. - Aiwai Electronics achieved a historical high in overall sales, exceeding 6 billion units last year, with over 1,400 product models in various applications [1]. Product and Market Strategy - The company has established a comprehensive audio ecosystem combining hardware, algorithms, and services, with applications in consumer electronics, industrial interconnectivity, and automotive sectors [2]. - Aiwai Electronics is actively expanding its international market presence, with overseas revenue surpassing domestic revenue, growing nearly 17% year-on-year, and an increase in gross margin by 7.9 percentage points [2]. Future Outlook - The management anticipates that emerging technologies such as generative AI, autonomous driving, humanoid robots, and energy storage will significantly boost demand in the semiconductor industry, presenting new opportunities for the company [2]. - The company plans to enhance its product offerings in high-performance mixed-signal, power management, and signal chain categories, aiming to diversify its product and market applications [1][2]. Operational Efficiency - The company has improved its inventory turnover days to 132 days, a reduction of 32 days year-on-year, marking the best performance in recent years [3].

插播 ：拒绝鱼龙混杂， 让优质项目脱颖而出！"2024-2025用户侧储能项目TOP10榜单"征集进行中。点击 "阅读原文" 进行申报 在美国不断加码对华关税壁垒的背景下， 第137届广交会 以创纪录的参展规模和商家参与度，向世界展示了中国外贸的韧性与确定性。 与往届相比，本届新能源及储能领域热度不减，奏响出新的多重奏： 1、 焕新 ： 从展位设计到产品包装，从功能组合到场景呈现的创新与微创新 2、 新单 ：储能相关企业 借广交会链接全球客户， 以"含绿量"构建可持续竞争优势，加速收获新订单，如浪潮智能终端获百万美元大单、大海 新能源获300万美元订单 3、 信心 ：国际采购商跨越市场不确定性，以行动投下对中国制造的信任票 接下来，让我们一起看看，部分参展企业代表 ↓ ↓ ↓ | 参展企业 | 展品 | | --- | --- | | 创维集团 | 新能源解决方案及光储充产品 | | 美的 | iEasyEnergy一站式的智慧能源系统 | | 阿特斯 | 多款储能产品 | | 天合光能 | 全场景储能解决方案 | | 易事特集团 | 储能、充电桩、UPS等 | | --- | --- | | 三晶电气 | ...