亿纬锂能 20250815 摘要 易文里能形成储能、消费电池和动力电池三驾马车齐驱的业务格局，动 力和储能业务营收占比均为 40%，消费电池占比 20%。公司董事长夫 妇持股比例约为 40%，为实际控制人，核心团队具备超过 20 年的锂电 行业经验。 储能市场国内外均高速增长，国内 EPC 项目中标维持增长，美国大规模 项目同比增长 45%，备案容量同比增长 42%。欧洲户用储能需求恢复， 工商业储能增速更高。中东地区规划大规模储能项目，规模已达 14GW。 易文里能储能业务全球新增装机占比有望维持 50%以上增长，2024 年 出货量达 50.45GW，同比增长一倍，市占率提升至全球第四。公司全 球储能市占率达 21.6%，与国家电网等企业深度合作。 公司积极进行海外布局，在马来西亚建立生产基地，预计 2026 年初量 产，以支持全球交付。通过大容量单元设计降低系统成本和集成难度， 减少下游运维成本 30%左右，提高能源密度与安全性。 Q&A 易文里能在 2025 年的核心变化是什么？ 2025 年，易文里能的核心变化主要体现在以下四个方面：首先，在储能业务 方面，整体产能处于紧张状态，但出货量保持高速增长 ...

Core Insights - The company reported a slight decline in annual revenue for 2024, with total revenue of 48.615 billion yuan, down 0.35% year-on-year, while net profit attributable to shareholders increased by 0.63% to 4.076 billion yuan [1] Group 1: Energy Storage Business - The energy storage business saw significant growth, with cell shipments reaching 50.45 GWh, a year-on-year increase of 91.9%, securing the second-largest global market share [2] - Revenue from the energy storage segment reached 19 billion yuan, supported by advancements in product technology, including the fourth-generation Mr.Big series cells [2] - The company’s 60 GWh super factory commenced production by the end of 2024, with a Malaysian production line expected to start in early 2026, enhancing global delivery capabilities [2] Group 2: Power Battery Sales - Power battery shipments totaled 30.29 GWh in 2024, reflecting a year-on-year growth of 7.87%, although revenue declined by 20.08% to 19.167 billion yuan due to fluctuations in downstream customer sales [3] - The company maintained a strong position in the commercial vehicle sector, achieving a market share of 12.15%, ranking second in the industry [3] Group 3: Consumer Battery Performance - The consumer battery segment generated revenue of 10.322 billion yuan, up 23.44% year-on-year, with a gross margin of 27.58%, an increase of 3.85 percentage points [4] - The company achieved full production and sales capacity in the small cylindrical battery segment, expanding its market share in various applications [4] - New market entries include BBU/eVTOL/robotics, with production capabilities from the Chengdu base and a Malaysian factory set to enhance customer demand fulfillment [4] Group 4: Profit Forecast and Investment Recommendations - The company anticipates revenue growth from 63.44 billion yuan in 2025 to 99.43 billion yuan in 2027, with year-on-year growth rates of 31%, 25%, and 25% respectively [5] - Net profit is projected to rise from 5.66 billion yuan in 2025 to 7.82 billion yuan in 2027, with corresponding growth rates of 39%, 21%, and 14% [5] - Earnings per share (EPS) are expected to increase to 3.8 yuan by 2027, with price-to-earnings (PE) ratios decreasing from 14 to 10 over the same period, maintaining a "buy" rating due to the company's leadership in the lithium battery industry [5]