公司报告 | 半年报点评 联赢激光（688518） 证券研究报告 静待消费锂电硕果，持续看好动力拐点 公司发布 25H1 财报， 1）25H1：实现营业收入 15.3 亿元，同比+5%，归母净利润 0.58 亿，同比+14%； 毛利率 27%，同比-3pct；期间费用率合计 24.7%，同比-3pct；归母净利率 3.8%， 同比基本持平。 2）25Q2：实现营业收入 6.6 亿元，同比-9%；归母净利润 0.11 亿，同比-52%；毛 利率 29%，同比-3pct，环比+3pct；期间费用率合计 29.0%，同比-1pct，环比+7.5pct， 其中，管理费用率同比+1.5pct、环比+5.3pct；归母净利率 1.7%，同比-1.5pct，环 比-3.7pct。 点评： 持续看好动力锂电拐点+固态电池设备新技术进展 1）收入结构，毛利率有所下降主要是因为 25H1 收入 80%来自动力锂电，后续有 望随动力锂电行业复苏、产能利用率饱和、收入结构变化有所改善。 事件： 2）传统锂电，25H1 研发完成、发布多款新品，持续完善产品布局。①研发完成钛 合金大方壳焊接工艺，可输出盖板段及装配段解决方案，已有设备订 ...

Group 1 - The company achieved revenue of 1.225 billion yuan in Q1 2025, representing a year-on-year increase of 23.3%, and a net profit attributable to shareholders of 32 million yuan, up 903.9% year-on-year [1] - The gross margin for Q1 2025 was 16.3%, a decrease of 2.9 percentage points year-on-year, primarily due to increased depreciation after the consolidation of the Tonghu Industrial Park and a higher proportion of low-margin products such as large storage and mobile phones [1] - The net profit margin attributable to shareholders reached 2.6%, an increase of 2.3 percentage points year-on-year, driven by significant cost control and efficiency improvements [1] Group 2 - The consumer electronics sector is experiencing a recovery in replacement cycles, particularly in traditional lithium battery applications such as laptops, mobile phones, and TWS devices, leading to a rise in both volume and price [2] - The global shipment of small lithium batteries is projected to reach 145 GWh in 2025, a year-on-year increase of 10-12%, following a shipment of 129.5 GWh in 2024, which was a 12% increase year-on-year [2] - The company sold 514 million batteries in 2024, reflecting an 18% year-on-year growth, and is expected to further enhance capacity utilization and operational efficiency in 2025 [2] Group 3 - The company is focusing on high-voltage silicon-carbon anodes, mini square steel shell batteries, cylindrical mini soft-pack batteries, high-voltage batteries for two-wheelers, and solid-state batteries under low stacking pressure, targeting new market opportunities in AI and hardware [3] - The company has integrated deeply with strategic clients such as HP, Sony, Google, DJI, and others, aiming to expand across various application scenarios [3] - The company has successfully expanded its client base to include leading global tech firms like Dell, Microsoft, Xiaomi, and iRobot, leveraging technological innovation and flexible manufacturing [3] Group 4 - The company has slightly adjusted its profit forecast for 2025 due to uncertainties in international trade, while also increasing profit forecasts for 2026 and introducing a forecast for 2027, expecting net profits of 240 million, 353 million, and 449 million yuan for 2025-2027 respectively [4] - The company is positioned to benefit from the growth of the consumer electronics industry and is focusing on expanding into AI and hardware applications, indicating potential for profit growth [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q1 performance of the company met expectations, indicating a turning point in profitability. The company achieved a revenue of 1.225 billion yuan in Q1 2025, representing a year-on-year growth of 23.3%. The net profit attributable to the parent company reached 32 million yuan, showing a significant year-on-year increase of 903.9% [7] - The company is expected to benefit from the recovery in the traditional consumer lithium battery market, driven by a replacement cycle in devices such as laptops and smartphones, as well as the surge in demand for new applications related to AI [7] - The company is expanding its business scope by focusing on cutting-edge research and development, targeting strategic clients in the AI and hardware sectors [7] - The profit forecast for 2025 has been slightly adjusted downwards due to international trade uncertainties, while the forecasts for 2026 and 2027 have been slightly increased, with expected net profits of 240 million, 353 million, and 449 million yuan respectively for 2025-2027 [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 6.218 billion yuan, with a year-on-year growth rate of 21.7%. The net profit attributable to the parent company is expected to be 240 million yuan, reflecting a year-on-year growth of 162.9% [6] - The gross profit margin for Q1 2025 was 16.3%, a decrease of 2.9 percentage points year-on-year, primarily due to increased depreciation after the transition of the Tonghu Industrial Park to fixed assets and a higher proportion of lower-margin products in the sales mix [7] - The company’s return on equity (ROE) is projected to improve significantly, reaching 10.0% in 2025 and 13.1% in 2026 [6]