证 券 研 究 报 告 亿纬锂能（300014）2025 年中报点评 强推（维持） 动力大圆柱开始量产出货，储能领域增势较好 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 48,615 | 65,950 | 82,581 | 108,436 | | 同比增速(%) | -0.3% | 35.7% | 25.2% | 31.3% | | 归母净利润(百万) | 4,076 | 4,573 | 6,433 | 8,152 | | 同比增速(%) | 0.6% | 12.2% | 40.7% | 26.7% | | 每股盈利(元) | 1.99 | 2.24 | 3.14 | 3.98 | | 市盈率(倍) | 37 | 33 | 23 | 19 | | 市净率(倍) | 4.0 | 3.7 | 3.3 | 2.9 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 9 月 12 日收盘价 公司研究 锂电池 20 ...

Core Viewpoint - Huizhou EVE Energy Co., Ltd. held a conference call on August 21, 2025, with approximately 315 institutional investors, discussing the company's performance, capacity, and profitability [1] Company Performance and Business Progress - In the first half of 2025, EVE Energy achieved total revenue of 28.17 billion yuan, a year-on-year increase of 30.06%; net profit attributable to shareholders was 1.605 billion yuan, with a non-recurring net profit of 1.157 billion yuan [1] - Excluding stock incentive expenses and specific bad debt provisions, the net profit attributable to shareholders was 2.218 billion yuan, a year-on-year increase of 3.78%; the non-recurring net profit was 1.770 billion yuan, a year-on-year increase of 18.06% [1] Shipment Volume and Product Development - The company shipped 21.48 GWh of power batteries, a year-on-year increase of 58.58%; and 28.71 GWh of energy storage batteries, a year-on-year increase of 37.02% [2] - EVE Energy is the first company in China to achieve mass production of large cylindrical power batteries and has become a primary battery supplier for next-generation models of international automakers [2] - The company is also the first globally to mass-produce 600Ah+ large square lithium iron phosphate energy storage batteries, with the first production line of the Jingmen 60GWh super factory entering mass production testing in early June [2] Profitability and Outlook - In Q2, the gross margin for power batteries improved to 17.60%, with stable deliveries expected in Q3 and an upward trend in profitability for the second half of the year [3] - The company anticipates a recovery in profitability for energy storage batteries in Q3 through optimized business terms and product structure [3] - The company plans to expand production capacity for square lithium iron phosphate batteries in Yunnan and Hubei based on demand from passenger vehicle customers [3] Cost Management and Future Projects - EVE Energy is actively conducting cost hedging against fluctuations in lithium carbonate prices, including futures contracts [3] - The first phase of the small cylindrical battery factory in Malaysia has been put into production, with the second phase of the energy storage project expected to be completed by the end of 2025 [3] - The company expects significant growth in the power battery sector driven by the ramp-up of large cylindrical batteries and new factory deliveries, alongside over 30% growth in the energy storage sector with the delivery of the 60GWh super factory [3]

Financial Performance - In the first half of 2025, the company achieved total revenue of 28.17 billion CNY, a year-on-year increase of 30.06% [1] - The net profit attributable to shareholders was 1.605 billion CNY, with a non-recurring net profit of 1.157 billion CNY [1] - Excluding stock incentive expenses and specific bad debt provisions, the adjusted net profit was 2.218 billion CNY, up 3.78% year-on-year, while the adjusted non-recurring net profit was 1.770 billion CNY, an increase of 18.06% [1] Product Shipment - During the reporting period, the company shipped 21.48 GWh of power batteries, representing a year-on-year growth of 58.58% [1] - The shipment of energy storage batteries reached 28.71 GWh, marking a year-on-year increase of 37.02% [1] Production Capacity and Expansion - The company is the first in China to achieve mass production of large cylindrical power batteries and is a primary supplier for next-generation models of leading international automotive companies [1] - The first production line of the 600Ah+ large square lithium iron phosphate energy storage battery has entered mass production testing [2] - The Malaysian small cylindrical battery plant has achieved mass production, with the second phase of the energy storage factory expected to be completed by the end of 2025 [2] Profitability Insights - The gross margin for the power battery segment improved to 17.60% in Q2 2025, up from 11.45% in the previous year [3] - The company anticipates stable delivery and profitability trends in the second half of the year [3] Future Outlook - The commercial vehicle sector is expected to see a compound annual growth rate of approximately 35% over the next few years, with current electric vehicle penetration at around 10% [6] - The company projects significant growth in both the power and energy storage battery segments in 2026, driven by new product launches and factory expansions [7] Cost Management - The company is actively managing costs related to lithium carbonate price fluctuations through hedging strategies [4] - The impact of stock incentive expenses on profits was approximately 570 million CNY in the first half of 2025, with expectations of slightly lower expenses in the second half [5]

Core Viewpoint - The report highlights the financial performance and strategic advancements of Huizhou EVE Energy Co., Ltd. in the first half of 2025, showcasing significant revenue growth despite a decline in net profit, alongside ongoing technological innovations and international expansion efforts [2][9]. Financial Performance - The company's operating revenue for the reporting period reached approximately 28.17 billion yuan, marking a 30.06% increase compared to the same period last year [2]. - The net profit attributable to shareholders decreased by 24.90% to approximately 1.61 billion yuan [2]. - The net profit after deducting non-recurring gains and losses was approximately 1.16 billion yuan, down 22.82% year-on-year [2]. - The net cash flow from operating activities surged by 660.72% to approximately 2.37 billion yuan [2]. - Basic earnings per share fell by 25.00% to 0.78 yuan, while diluted earnings per share decreased by 28.85% to 0.74 yuan [2]. Asset and Equity Status - Total assets at the end of the reporting period were approximately 110.69 billion yuan, reflecting a 9.72% increase from the end of the previous year [3]. - The net assets attributable to shareholders reached approximately 38.82 billion yuan, up 3.29% from the previous year [3]. - The asset-liability ratio was reported at 62.57%, an increase from 59.36% at the end of the previous year [7]. Technological Innovations - The company has successfully mass-produced the 46 series large cylindrical batteries, becoming the first in China to do so, with over 60,000 units delivered and a maximum single vehicle range exceeding 230,000 kilometers [9]. - EVE Energy is the first globally to mass-produce 600Ah+ large square lithium iron phosphate batteries, with the Mr. Big series achieving significant international certifications [10]. - The company is advancing in the development of solid-state batteries, aiming for production breakthroughs by 2026 [10]. Strategic Developments - The CLS global cooperation model has shown initial success, allowing the company to transition from a battery manufacturer to a provider of energy solutions [11]. - The company's Malaysian factory has commenced production, enhancing its overseas delivery capabilities and expanding its influence in international markets [12]. - Ongoing projects in North America and Europe are progressing as planned, contributing to the company's growth strategy [11].

Core Viewpoint - The 46 series cylindrical battery market is experiencing a resurgence, driven by major players like Tesla and BMW, alongside new entrants supported by significant capital, indicating a competitive landscape in the battery industry [1][6][30]. Group 1: Market Dynamics - The cylindrical battery sector is characterized by a dual focus on efficiency and performance, with automotive manufacturers, manufacturing breakthroughs, and evolving market scenarios driving renewed interest in cylindrical batteries [3][5]. - The transition from traditional battery structures to cylindrical designs is being accelerated by advancements in manufacturing technology and the emergence of new electric applications, such as eVTOLs and humanoid robots [2][8]. Group 2: Technological Advancements - The cylindrical battery's advantages include higher energy density, safety, and cost efficiency due to its standardized structure, making it a preferred choice for various applications [7][9]. - The demand for fast charging capabilities is reshaping battery design, with over 50% of new fast charging stations exceeding 150kW in 2024, reflecting consumer expectations for rapid energy replenishment [9][11]. Group 3: New Entrants and Innovations - New players like Lihua Power are entering the cylindrical battery market, focusing on structural innovation and manufacturing efficiency to address challenges in mass production [11][19]. - Lihua Power's unique "full-path earless" design eliminates traditional high-resistance components, significantly improving thermal management and performance under high discharge rates [15][18]. Group 4: Strategic Positioning - Lihua Power's manufacturing capabilities include the establishment of a high-efficiency production line for aluminum cylindrical batteries, enhancing production yield and reducing contamination risks [19][20]. - The company targets key applications in electric vehicles, low-altitude economy, and smart robotics, aiming to meet the specific demands of these sectors [21][22]. Group 5: Global Expansion - The cylindrical battery market is transitioning from a domestic focus to global collaboration, with Lihua Power showcasing its innovations at international exhibitions, indicating growing recognition and potential partnerships [27][29]. - The industry's evolution reflects a broader trend towards electric mobility, with cylindrical batteries positioned as critical components in the transition to electrification across various sectors [30].

Core Viewpoint - The article highlights the accelerated expansion of China's lithium battery industry in Europe, particularly through the establishment of a battery factory by EVE Energy in Hungary, which signifies a strategic move to mitigate capacity risks amid global trade tensions [2][3]. Group 1: EVE Energy's European Expansion - EVE Energy's wholly-owned subsidiary in Hungary has received construction permits for its first battery factory in Europe, marking a significant step in its expansion efforts [2][3]. - The factory will focus on producing large cylindrical power batteries, which will supply directly to BMW's local factory, indicating a deepening partnership between Chinese battery manufacturers and major European automakers [3]. - EVE Energy is not only building capacity but is also advancing technology sharing and ecosystem development, reflecting a deeper evolution of Chinese lithium battery companies' overseas strategies [3]. Group 2: Collaboration and Innovation - EVE Energy has signed a memorandum of understanding with Wuhan University and the University of Debrecen in Hungary to establish practical bases by Q3 2027, aiming to enhance industry-academia collaboration and accelerate research outcomes [3]. - In March, Wanhua Chemical signed a joint development agreement with German lithium iron phosphate material company IBU-tec to scale up industrial trials, with preliminary results expected in Q3 2023 [3]. - This collaboration aims to build a local supply chain in Europe and may lead to the establishment of a joint laboratory for battery innovation [3]. Group 3: Equipment and Manufacturing Advances - MANST EG, a subsidiary of Mannesmann, has signed a strategic sales contract with Automotive Cells Company (ACC) to provide core equipment and technical services, marking a breakthrough in the European market [4][5]. - ACC, formed by Stellantis, Mercedes-Benz, and TotalEnergies, is a flagship company in the European battery industry, with battery production set to support Peugeot and Opel electric vehicle models starting in 2024 [4]. Group 4: Broader Industry Trends - Chinese electric vehicle manufacturers, such as BYD, are also increasing their production capacity in Europe, with plans for a third factory in Germany, following the establishment of plants in Hungary and Turkey [6]. - The Chinese Ministry of Commerce has indicated a desire to restart negotiations on electric vehicle anti-subsidy price commitments with the EU, aiming to create a more stable environment for investment and collaboration [7]. - Despite potential short-term demand impacts from tariffs, Chinese companies maintain competitiveness due to advantages in core battery technologies and cost, with prices currently about 40% lower than South Korean counterparts [7].