风险提示：动力电池出货不及预期、消费电池出货不及预期、储能电池出货不及预期。 本报告导读： 公司消费电芯自供率提升，带动盈利能力提升，同时，动储需求旺盛，储能电芯行业涨价，动储盈利能 力明显改善，我们上调了 2026-2027年的盈利预期。 投资要点： 维持增持评级 。考虑到公司消费电池盈利向好，动储高增，盈利能力改善，我们上调公司2026-2027 年 盈利预测，预计公司2025-2027年的EPS 分别为1.14/1.56/1.85 元，可比公司2026 年平均估值为23倍PE， 考虑到公司正处于动力电池盈利能力即将扭亏为盈的关键时期，未来或迎盈利能力大幅改善，我们给予 公司2026 年30 倍PE，目标价46.84 元，维持增持评级。 Q3 业绩亮眼，消费电芯高增。公司2025 年Q3 营收为165.49 亿元，yoy+15.24%。2025 年Q3 归母净利 5.5 亿元，yoy+41.51%，归母净利同比高增。Q3 毛利率18.54%，环比提升3.66pct，销售净利率3.1%， 环比提升1.63pct，我们认为，盈利能力提升主要系消费电芯自供率提升。 储能需求旺盛，动储盈利能力改善明显。储能行业需 ...

Investment Rating - The report maintains a rating of "Buy" for the company [1][5] Core Insights - The company reported a significant year-on-year increase in net profit for Q3 2025, achieving a net profit of 1.405 billion RMB, which is a 15.94% increase compared to the previous year [3][8] - The company is making rapid progress in the application of new materials and technologies, with ongoing improvements in overseas production capacity, which is expected to enhance its international competitiveness [3][8] - The earnings forecast for 2025-2027 has been adjusted, with expected earnings per share of 1.15 RMB, 1.61 RMB, and 2.15 RMB respectively, reflecting a stable development of core business and continuous advancement in new technologies and materials [5][7] Financial Summary - For the first three quarters of 2025, the company achieved a revenue of 43.534 billion RMB, a year-on-year increase of 13.73%, and a gross profit of 7.330 billion RMB, with a gross margin of 16.84% [9][8] - The projected revenue for 2025 is 65.124 billion RMB, with a growth rate of 16.2%, and the net profit is expected to reach 2.119 billion RMB, reflecting a growth rate of 44.3% [7][12] - The company is also increasing the silicon-carbon anode ratio in its consumer battery shipments, with expectations for the silicon content to exceed 10% next year [8]