2026 年 02 月 27 日 大圆柱电芯放量，业绩进入上行期 分析师：黎江涛 S1050521120002 lijt@cfsc.com.cn | 基本数据 | 2026-0 2-2 7 | | --- | --- | | 当前股价（元） | 38.78 | | 总市值（亿元） | 39 | | 总股本（百万股） | 101 | | 流通股本（百万股） | 100 | | 52 周价格范围（元） | 16.03-43.27 | | 日均成交额（百万元） | 49.62 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -20 0 20 40 60 80 100 120 140 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/02 (%) 博力威 沪深300 相关研究 —博力威（688345.SH）公司动态研究报告 买入(维持) 投资要点 ▌ 两轮电池业务扩张，欧洲与东南亚市场动能显著 公司电助力自行车电池长期面向欧美市场，在骑行文化成熟 的欧洲市场建立了稳定客户基础。伴随着海外电助力自行车 市场库存消 ...

Core Viewpoint - The company, Boliwei (688345), forecasts a significant turnaround in its financial performance for the year 2025, expecting a net profit of approximately 59 million yuan, compared to a loss of about 96.6 million yuan in 2024, driven by increased sales in electric motorcycles and battery-swapping services [1] Financial Performance - The projected net profit attributable to the parent company for 2025 is around 59 million yuan, with a net profit of approximately 41 million yuan after deducting non-recurring gains and losses, indicating a return to profitability [1] - In the previous year (2024), the company reported a net loss of 96.6 million yuan, highlighting a significant improvement in financial performance [1] Business Drivers - The primary reasons for the expected substantial growth and return to profitability include increased sales volume in electric motorcycles and battery-swapping services, as well as a recovery in the European electric bicycle market [1] - The release of production capacity has led to economies of scale, alongside ongoing improvements in cost control and operational efficiency, contributing to the notable increase in revenue and net profit [1] Additional Notes - The performance forecast is based on preliminary calculations by the company's finance department and has not yet been audited by a registered accountant; the final and accurate financial data will be disclosed in the officially audited annual report for 2025 [1]

重要内容提示： 广东博力威科技股份有限公司（以下简称"公司"）预计2025年实现归属于母公司所有者的净利润约 5,900.00万元，实现归属于母公司所有者扣除非经常性损益后的净利润约4,100.00万元，实现扭亏为盈。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 1、经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润与上年同期相比，将实现 扭亏为盈，实现归属于母公司所有者的净利润约5,900.00万元。 2、预计2025年度实现归属于母公司所有者扣除非经常性损益后的净利润约4,100.00万元。 公司2024年利润总额为-13,106.29万元；实现归属于上市公司股东的净利润-9,660.78万元；实现归属于 上市公司股东扣除非经常性损益的净利润为-8,442.19万元；实现每股收益为-0.97元。 三、本期业绩变化的主要原因 本期业绩变化主要系公司电摩、两轮车换电业务放量，推动大圆柱电芯实现满 ...

Core Viewpoint - Guangdong Boliv Technology Co., Ltd. is expected to achieve a net profit of approximately 59 million yuan for the year 2025, marking a turnaround from losses in the previous year [2][4]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [3]. - The company anticipates a net profit attributable to shareholders of approximately 59 million yuan, compared to a loss of 96.6 million yuan in 2024 [4][7]. - The expected net profit after deducting non-recurring gains and losses is approximately 41 million yuan [5]. Group 2: Previous Year Performance - In 2024, the company reported a total profit of -131.06 million yuan, with a net profit attributable to shareholders of -96.6 million yuan [7]. - The net profit after deducting non-recurring gains and losses was -84.42 million yuan, resulting in an earnings per share of -0.97 yuan [7]. Group 3: Reasons for Performance Change - The significant improvement in performance is attributed to the growth in the electric motorcycle and two-wheeler battery swap business, leading to full production and sales of large cylindrical battery cells [8]. - The recovery of the European electric bicycle market and increased shipments to energy storage customers contributed to the release of production capacity, resulting in economies of scale [8]. - Continuous optimization of cost control and expense efficiency, along with a reduction in asset impairment impacts, have collectively driven substantial growth in revenue and net profit [8].

Core Viewpoint - The company, Boliwei, expects to achieve a net profit attributable to shareholders of approximately 59 million yuan for the year 2025, marking a turnaround to profitability driven by growth in its electric motorcycle and battery swap business [1] Financial Performance - The projected net profit attributable to shareholders, excluding non-recurring gains and losses, is approximately 41 million yuan, indicating a significant improvement from previous periods [1] - The performance improvement is attributed to full production and sales of large cylindrical battery cells, alongside a recovery in the European electric bicycle market and increased shipments to energy storage customers [1] Operational Efficiency - The release of production capacity has led to economies of scale, while ongoing cost control and efficiency improvements have further enhanced profitability [1] - The impact of asset impairment has diminished, contributing positively to revenue and net profit growth [1]

Group 1 - The company, Boliview, expects to turn a profit in 2025, projecting a net profit attributable to shareholders of approximately 59 million yuan, compared to a loss of about 131 million yuan in the previous year [1] - In the previous year, the company reported a net loss attributable to shareholders of approximately 96.61 million yuan and a loss per share of 0.97 yuan [1] - The significant change in performance is attributed to the growth in the electric motorcycle and two-wheeler battery swap business, full production and sales of large cylindrical battery cells, recovery in the European electric bicycle market, increased shipments to energy storage customers, and improved cost control and operational efficiency [1] Group 2 - The reduction in asset impairment also contributed to the notable increase in revenue and net profit [1]

Core Viewpoint - The company, Boliv, is expected to turn a profit in 2025, with a projected net profit of approximately 59 million yuan, marking a significant improvement compared to the previous year [1] Financial Performance - The estimated net profit attributable to shareholders for 2025 is around 59 million yuan, indicating a year-on-year turnaround [1] - The projected net profit, excluding non-recurring gains and losses, is approximately 41 million yuan [1] Business Drivers - The performance improvement is primarily driven by the growth in the electric motorcycle and two-wheeled vehicle battery swap business, leading to full production and sales of large cylindrical battery cells [1] - The recovery of the European electric bicycle market and increased shipments to energy storage customers have contributed to revenue growth [1] - Capacity release has resulted in economies of scale, while ongoing cost control and efficiency improvements have further enhanced profitability [1] Asset Management - The impact of asset impairment has diminished, which has positively influenced revenue and net profit growth [1]

Core Viewpoint - The company, Boliwei (688345.SH), is expected to turn a profit in 2025, projecting a net profit attributable to shareholders of approximately 59 million yuan, compared to a loss in the previous year [1] Financial Performance - The estimated net profit for 2025, after deducting non-recurring gains and losses, is around 41 million yuan [1] - The significant performance improvement is attributed to the growth in electric motorcycle and two-wheeler battery swap businesses, leading to full production and sales of large cylindrical battery cells [1] Market Dynamics - The recovery of the European electric bicycle market and increased shipments to energy storage customers have contributed to revenue growth [1] - The release of production capacity has resulted in economies of scale, alongside ongoing optimization in cost control and operational efficiency [1] Asset Management - The impact of asset impairment has diminished, further supporting the notable increase in revenue and net profit [1]

博力威公告，预计2025年年度实现归属于母公司所有者的净利润约5900万元，实现归属于母公司所有者 扣除非经常性损益后的净利润约4100万元，实现扭亏为盈。本期业绩变化主要系公司电摩、两轮车换电 业务放量，推动大圆柱电芯实现满产满销，叠加欧洲电助力车市场复苏、储能客户出货增加，产能释放 带来规模效应，成本管控与费用效率持续优化；此外，资产减值影响减弱，共同推动营收与净利润显著 增长。 ...

Group 1 - The core viewpoint of the article highlights the significant progress made between Funeng Technology and BASF Shanshan in their collaboration, achieving milestone agreements on multiple key projects [2] - The 6-series platform has delivered high-quality samples for Funeng Technology's heavy truck project, which will support mass production [2] - In the 3C safety certification area, both parties will collaborate on the validation of new battery cells for two-wheeled vehicles [2] - The 8-series platform's quality products will quickly integrate into Funeng Technology's related projects [2] - The 9-series platform focuses on overcoming technical challenges together, developing innovative solutions, and validating products in cutting-edge fields such as humanoid robots and eVTOL [2] - Ongoing deepened cooperation in the solid-state battery sector aims to explore development potential [2]