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 亿纬锂能犹如赛道上的骏马，不断加速奔跑，去年已成功跻身 储能 电池出货量 亚军 ，紧随行业领军者宁德时代之后。那么，现如今，亿纬锂能与 宁德时代之间还隔着多远的距离？ 为了精准描绘这一差距，行家说储能 细致研读了 两家公司最新的年报数据与历年财报，从 市值、 营业收入、净利润、出货量、毛利率 、 R OE 和资产负债率 等关键指标出发，并特别聚焦于储能业务的发展状况， 力求更全面展现这 两家 企业在 当前行业版图中的位置及其未来成长路径。 我们先看储能板块的整体情况，再对比公司的整体情况。 储能板块 从储能板块上看，两者在财报中储能业务的表述有所不同，亿纬锂能采用的是 "储能电池"，宁德时代则从2 021 年的 "储能系统"更改为"储能电池 系统"。 基于亿纬锂能财报中，在 2 022 年才开始单独披露储能相关表现。由此我们主要对比了近 3年来两家公司在储能板块上的表现。 接下来从两者的储能业绩表现、出货量和毛利率等角度分别展开对比。 ■ 近3年储能营收上：从相差近5倍缩短到 ...

Core Viewpoint - Ganfeng Lithium has faced its first loss since its listing in 2010, with a significant decline in revenue and net profit due to plummeting lithium prices and challenges in its core business segments [1][3]. Financial Performance - In 2024, Ganfeng Lithium reported revenue of 18.906 billion yuan, a year-on-year decrease of 42.66% [1]. - The company experienced a net loss of 2.074 billion yuan, marking a year-on-year decline of 141.92% [1]. - The gross margins for lithium salt and lithium battery sales were 10.47% and 11.66%, respectively, down by 2.06 and 6.30 percentage points year-on-year [3]. Business Segments - The lithium chemical materials segment contributed 60% of the company's revenue, while lithium batteries and cells accounted for 30% [1]. - Ganfeng Lithium is actively expanding its energy storage business, which is expected to support its lithium battery cell operations [1][4]. Market Trends - The price of lithium carbonate has dropped from nearly 600,000 yuan per ton in 2022 to around 70,000 yuan per ton in 2024, representing a decline of nearly 90% [3]. - The energy storage market is experiencing significant growth, with Ganfeng Lithium focusing on both grid-side and user-side energy storage solutions [4][5]. Strategic Initiatives - The company is pursuing the commercialization of solid-state batteries and has signed a joint development agreement with a leading international automotive company [6][7]. - Ganfeng Lithium is investing in next-generation battery technologies, particularly in metal lithium products for solid-state battery applications [6][7]. Future Outlook - Ganfeng Lithium's management remains optimistic about the long-term growth potential in the lithium battery and energy storage sectors, despite current market challenges [7]. - The company aims to achieve profitability by 2025 through a diversified approach across lithium chemicals, batteries, and energy storage [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Insights - The company has shown significant profit recovery, with a projected revenue growth of 67.3% year-on-year for 2024, reaching 940 million yuan, and a net profit growth of 195.8%, amounting to 111 million yuan [1][8]. - The company has achieved notable success in bidding, ranking 20th among over 80 companies in the national grid's centralized bidding, with a total bid amount of 420 million yuan [2]. - The company is expanding its low-altitude intelligent inspection business into various application scenarios, with a projected CAGR of approximately 28.19% from 2022 to 2024 [3]. Financial Performance Summary - **Revenue Forecast**: The company is expected to generate revenues of 1.36 billion yuan in 2025, 1.75 billion yuan in 2026, and 2.07 billion yuan in 2027, with year-on-year growth rates of 44.7%, 28.8%, and 17.8% respectively [1][8]. - **Net Profit Forecast**: The projected net profits are 134 million yuan in 2025, 166 million yuan in 2026, and 184 million yuan in 2027, with growth rates of 20.8%, 23.6%, and 10.8% respectively [1][8]. - **Earnings Per Share (EPS)**: The EPS is expected to be 0.54 yuan in 2025, 0.67 yuan in 2026, and 0.74 yuan in 2027 [1][8]. Market Position and Growth Potential - The company is well-positioned to benefit from the increasing demand for intelligent electric products, with a strong bidding performance and a growing market for smart services [2][3]. - The establishment of a subsidiary in the energy storage sector is expected to support future performance, with a significant order backlog of approximately 803 million yuan outside of energy storage as of the end of 2024 [8].

Summary of the Conference Call for Nanfang Energy Storage Company Overview - **Company**: Nanfang Energy Storage - **Year**: 2024 - **Industry**: Energy Storage and Hydropower Key Financial Metrics - **Revenue**: 6.174 billion CNY, up 9.67% year-on-year [3] - **Net Profit**: 1.126 billion CNY, up 11.14% year-on-year [3] - **Operating Cash Flow**: 3.855 billion CNY, up 8.39% year-on-year [3] - **Earnings Per Share**: 0.35 CNY, up 9.38% year-on-year [3] - **Total Assets**: 50.467 billion CNY, up 13.44% year-on-year [3] - **Net Assets**: 21.345 billion CNY, up 2.44% year-on-year [3] - **Debt-to-Asset Ratio**: 50.57% [3] Project Development and Capacity - **Hydropower Stations Under Construction**: 9 stations with a total capacity of 10.8 million kW [5] - **Upcoming Projects**: - Nanning and Meixu Phase II expected to be operational by the end of 2025, adding 2.4 million kW [5] - Zhaoqing Langjiang and Huizhou Zhongdong expected to be operational by the end of 2026, adding another 2.4 million kW [5] - Additional projects expected to come online between 2027 and 2029, subject to construction complexities [5] Business Focus and Strategy - **Focus on Energy Storage Orders**: High initial capital expenditure but stable returns [6] - **Capacity Pricing Policy**: Implemented from June 1, 2023, expected to enhance revenue in 2024 [7] - **Market Entry**: Meixu Phase II entered the spot market in October 2024, leading to increased revenue but not yet a long-term trend [8] Financial Outlook and Capital Expenditure - **2025 Capital Expenditure**: Approximately 9.9 billion CNY, expected to maintain this level in subsequent years [16] - **Projected Operating Cash Flow for 2025**: 3.3 billion CNY [16] - **Debt Financing**: Plans to utilize various financing methods including loans and preferred stock [16] Risk Management and Financial Health - **Debt Management**: Group requires debt-to-asset ratio not to exceed 65% [18] - **Research and Development Investment**: Increased to 56.99 million CNY, up 118% year-on-year, indicating a focus on technological innovation [4] Market Dynamics and Regulatory Environment - **Future Capacity Pricing**: Expected to remain stable in 2025 if no new adjustments to national pricing policies [10] - **Investment Climate**: Uncertainty in new energy market due to policy changes affecting large-scale investments [12] - **Internal Rate of Return (IRR) Requirement**: New projects must achieve an IRR of over 5% [13] Conclusion Nanfang Energy Storage is positioned for steady growth with a focus on expanding its hydropower capacity and enhancing its financial stability through strategic capital expenditures and effective debt management. The company is navigating a complex regulatory environment while aiming to leverage its technological advancements and market opportunities in the energy storage sector.