Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company is experiencing rapid growth in its Q2 performance, with significant increases in battery shipments and advancements in new battery technologies [1][3] - The company is actively expanding into new application scenarios such as BBU, robotics, and eVTOL, which are expected to contribute to future revenue growth [4] - The company has initiated mass production of advanced battery technologies, including all-tab batteries and solid-state batteries, enhancing its competitive edge in the market [4] Financial Performance - For H1 2025, the company expects a net profit attributable to shareholders of 300-360 million yuan, representing a year-on-year growth of 79%-115% [2] - The estimated net profit for Q2 2025 is projected to be 158-218 million yuan, with a year-on-year increase of 64%-126% and a quarter-on-quarter increase of 12%-54% [2] - The company's lithium battery shipment volume is expected to reach approximately 170-180 million units in Q2 2025, showing over 70% year-on-year growth and over 30% quarter-on-quarter growth [3] Revenue and Profit Forecast - The company has revised its profit forecast upwards, expecting net profits of 739 million, 936 million, and 1.136 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 51.5%, 26.7%, and 21.3% [4][5] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.64, 0.81, and 0.99 yuan respectively, with dynamic price-to-earnings (PE) ratios of 21.1, 16.6, and 13.7 [4][5] Market Position and Strategy - The company is enhancing its global service capabilities through the establishment of overseas production bases, particularly in Malaysia, which began operations in April 2025 [3] - The company is focusing on high-demand sectors such as electric tools and clean appliances, while also exploring new markets to drive future growth [3][4]

Core Viewpoint - The article highlights the advancements and new product launches by Lishen Battery in the cylindrical battery sector, emphasizing their focus on high-performance batteries for various applications, including electric tools and two-wheeled vehicles [3][4][5]. Group 1: Event Information - The 2025 Fifth Start Point Two-Wheeled Vehicle Battery Swap Conference and Lightweight Power Battery Technology Summit will be held on July 11, 2025, at the Shenzhen Baoan Dingshi International Hotel [2]. - The event is sponsored by various companies in the battery and electric vehicle sectors, indicating strong industry interest and collaboration [2]. Group 2: Product Launches - Lishen Battery has launched six new cylindrical battery models, including three from the 21 series, one from the 46 series, and two from the 18 series, showcasing their commitment to innovation [3][4]. - Key features of the new products include: - 21700 40PT-4.0Ah: Fast charging to 80% in 7 minutes, 1000 cycles, aimed at electric tools [3]. - 21700 50PT-5.0Ah: Fast charging to 80% in 9 minutes, 250A pulse discharge, for electric motorcycles and tools [3]. - 21700 55PT-5.5Ah: Energy density of 295 Wh/kg, supports 8C continuous discharge, for various advanced applications [3]. - 46120-55Ah: Energy density of 330 Wh/kg, 1500 cycles, designed for eVTOL and humanoid robots [4]. - 18650 20PT-2.0Ah: Low internal resistance, 1000 cycles, for electric tools [4]. - 18650 25PT-2.5Ah: Fast charging to 80% in 10 minutes, 1000 cycles, for multiple applications [4]. Group 3: Production Capacity and Expansion - Lishen Battery's Suzhou cylindrical battery production base has recently opened, with a total investment of approximately 2.8 billion yuan, featuring five intelligent production lines [4][5]. - The first phase of the production base has a capacity of 4 GWh, while the second phase, expected to be completed by the second half of 2025, will add another 7.3 GWh of capacity [5]. Group 4: Market Strategy - Lishen Battery has been active in the two-wheeled vehicle market since 2019 and plans to expand into Southeast Asia, leveraging energy storage products as an entry point [6]. - The company is also focusing on solid-state battery technology, with new products featuring solid-state electrolytes, indicating a strategic move towards advanced battery technologies [6][7].

2024 年营业收入普遍下滑，部分公司出现亏损 ： 大多数公司 2024 年营业收入同比出现 20%-50% 的 降幅， 仅 曼恩斯特、星云股份和纳科诺尔 等少数公司保持正增长。 利润方面， 大多数公司出于谨慎原则计提了较高减值，导致归母净利润同比降幅相较收入降幅扩大， 海 目星、利元亨、金银河和星云股份 等公司出现了亏损。 业绩下滑反映了 2024 年国内锂电下游市场需求 放缓，客户设备验收节奏有所延迟的情况。 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤锂电 锂电设备公司已经于近期陆续公布了 2024 年及 2025 年一季度的财报。 #鑫椤锂电 整理了主要锂电设 备公司的营业收入和归母净利润表格如下。 | 公司名称 | | 营业收入 | | | 明母冷却酒 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2024 (亿元) | 同比 | Q125 (1Z7C) | 目比 | 2024 (1770) | 同比 | Q125 (177) | 同比 | | 先导 ...