国信证券8月21日发布研报称，维持盐津铺子（002847.SZ，最新价：72.41元）优于大市评级。评级理 由主要包括：1）收入端：1H25增长点聚焦至魔芋，魔芋收入实现翻倍以上增长；2）利润端：加强费 用管控，扣非归母净利率同比提升。风险提示：宏观经济增长受外部环境变化的负面影响；行业竞争加 剧；原材料价格大幅上涨；渠道拓展进程不及预期。 （文章来源：每日经济新闻） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q1 performance of the company met expectations, with a revenue of 12.8 billion yuan, a year-on-year increase of 37%, and a net profit of 1.1 billion yuan, reflecting a year-on-year growth of 3% [8] - The company has revised its annual shipment forecast to 130 GWh, expecting a year-on-year increase of over 60% [8] - The company anticipates stable profit levels in Q1, with expectations for continuous improvement in profitability throughout the year [8] - The report maintains profit forecasts for 2025-2027, projecting net profits of 5.3 billion, 7.3 billion, and 9.3 billion yuan respectively, with corresponding P/E ratios of 16x, 12x, and 9x [8] Summary by Sections Financial Performance - Q1 revenue was 12.8 billion yuan, with a year-on-year increase of 37% and a quarter-on-quarter decrease of 12% [8] - Q1 net profit was 1.1 billion yuan, with a year-on-year increase of 3% and a quarter-on-quarter increase of 24% [8] - The gross margin for Q1 was 17.2%, with a slight decrease compared to previous periods [8] Shipment and Production - Q1 shipments increased by 15% to 23 GWh, with a revised annual shipment target of 130 GWh [8] - The company expects a 60% increase in shipments for both power and energy storage segments in 2025 [8] Profitability and Cost Management - The average price for energy storage in Q1 was 0.43 yuan/Wh, with a gross margin of nearly 14% [8] - The average price for power batteries was 0.63 yuan/Wh, with a gross margin of approximately 17% [8] Capital Expenditure and Cash Flow - Q1 capital expenditure was 2 billion yuan, reflecting a year-on-year increase of 125% [8] - Operating cash flow for Q1 was 890 million yuan, showing a significant decrease compared to previous periods [8] Valuation and Target Price - The target price is set at 65 yuan, based on a valuation of 25x for 2025 [8]

证券研究报告·公司点评报告·电池 亿纬锂能（300014） 2025 年一季报点评：Q1 业绩符合预期，动储 全年出货高增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 48,784 | 48,615 | 66,004 | 82,905 | 97,644 | | 同比（%） | 34.38 | (0.35) | 35.77 | 25.61 | 17.78 | | 归母净利润（百万元） | 4,050 | 4,076 | 5,345 | 7,307 | 9,298 | | 同比（%） | 15.42 | 0.63 | 31.16 | 36.69 | 27.25 | | EPS-最新摊薄（元/股） | 1.98 | 1.99 | 2.61 | 3.57 | 4.54 | | P/E（现价&最新摊薄） | 20.75 | 20.62 | 15.72 | 11.50 | 9.04 | [Table_Tag] [Tab ...