[Table_scodeMsg1] 公司研究丨点评报告丨亿纬锂能（300014.SZ） [Table_Title] 亿纬锂能 2025 三季报分析：一次性因素影响盈 利，关注经营改善趋势向好 报告要点 [Table_Summary] 亿纬锂能发布 2025 年三季报，2025Q3 实现收入 168.32 亿元，同比增长 35.85%，环比增长 9.49%；归母净利润 12.11 亿元，同比增长 15.13%，环比增长 140.16%；扣非净利润 7.80 亿 元，同比下滑 22.04%，环比增长 130.04%。 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 | 公司基础数据 | | | --- | --- | | [Table_BaseData] 当前股价(元) | 71.74 | | 总股本(万股) | 204,575 | | 流通A股 ...

Group 1 - The core point of the news is that EVE Energy Co., Ltd. experienced a 5.1% drop in stock price, trading at 82.91 yuan per share, with a total market capitalization of 169.61 billion yuan as of the report date [1] - EVE Energy's main business includes the research, production, and sales of consumer batteries (including lithium primary batteries, small lithium-ion batteries, and ternary cylindrical batteries) and power batteries (including electric vehicle batteries and energy storage batteries) [1] - The revenue composition of EVE Energy is as follows: power batteries account for 45.26%, energy storage batteries 36.56%, consumer batteries 18.03%, and others 0.16% [1] Group 2 - From the perspective of fund holdings, a fund under Zheshang Securities Asset Management has EVE Energy as its fifth-largest holding, with 22,700 shares, representing 3.99% of the fund's net value [2] - The fund, Zheshang Huijin Transformation Growth (000935), has a total scale of 51.79 million yuan and has achieved a return of 44.4% this year, ranking 1557 out of 8140 in its category [2] - The fund manager, Ma Binbo, has been in position for 7 years and 325 days, with the best fund return during his tenure being 78.16% and the worst being -43.63% [3]

Group 1: China Jushi (600176.SH) - The company achieved a revenue of 139.04 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 19.53% [6] - The net profit attributable to shareholders reached 25.68 billion yuan, up 67.51% year-on-year, with a non-recurring net profit of 26.12 billion yuan, increasing by 125.91% [6][9] - The company is expected to achieve net profits of 34.91 billion, 41.07 billion, and 46.48 billion yuan from 2025 to 2027, driven by the recovery of fiberglass prices and demand from various downstream sectors [9] Group 2: Transsion Holdings (688036.SH) - The company reported a revenue of 204.66 billion yuan in Q3 2025, a year-on-year increase of 22.60%, while the net profit attributable to shareholders was 9.35 billion yuan, down 11.06% year-on-year [11] - The company is expected to achieve revenues of 694.0 billion, 751.7 billion, and 871.6 billion yuan from 2025 to 2027, with net profits of 38.2 billion, 56.7 billion, and 70.8 billion yuan respectively [13] Group 3: Tonglian Precision (688210.SH) - The company reported a revenue of 2.4 billion yuan in Q3 2025, a year-on-year increase of 5.75%, while the net profit attributable to shareholders was 884,000 yuan, down 91.67% year-on-year [15] - The company is expected to achieve revenues of 11.4 billion, 15.5 billion, and 21.1 billion yuan from 2025 to 2027, with net profits of 1.0 billion, 1.9 billion, and 2.9 billion yuan respectively [17] Group 4: Topband Co., Ltd. (002139.SZ) - The company achieved a revenue of 26.9 billion yuan in Q3 2025, a slight increase of 0.1% year-on-year, while the net profit attributable to shareholders was 900 million yuan, down 44.7% year-on-year [18] - The company is expected to achieve net profits of 6.2 billion, 8.5 billion, and 10.8 billion yuan from 2025 to 2027 [19] Group 5: Inspur Information (000977.SZ) - The company reported a revenue of 1206.69 billion yuan in the first three quarters of 2025, a year-on-year increase of 45%, with a net profit of 14.82 billion yuan, up 15% year-on-year [25] - The company is expected to achieve net profits of 26.38 billion, 37.31 billion, and 47.77 billion yuan from 2025 to 2027 [26] Group 6: Benda Pharmaceutical (300558.SZ) - The company achieved a revenue of 27.17 billion yuan in the first three quarters of 2025, a year-on-year increase of 15.90%, while the net profit attributable to shareholders was 3.17 billion yuan, down 23.86% year-on-year [28] - The company is expected to achieve revenues of 35.50 billion, 43.71 billion, and 53.09 billion yuan from 2025 to 2027, with net profits of 5.73 billion, 7.21 billion, and 8.56 billion yuan respectively [29] Group 7: XWANDA (300207.SZ) - The company reported a revenue of 435.34 billion yuan in the first three quarters of 2025, a year-on-year increase of 13.73%, with a net profit of 14.05 billion yuan, up 15.94% year-on-year [35] - The company is expected to achieve net profits of 21.83 billion, 30.29 billion, and 40.31 billion yuan from 2025 to 2027 [37] Group 8: YH Technology (688080.SH) - The company achieved a revenue of 2 billion yuan in Q3 2025, a year-on-year increase of 34.5%, with a net profit of 400 million yuan, up 17.5% year-on-year [39] - The company is expected to achieve net profits of 1.5 billion, 2 billion, and 2.6 billion yuan from 2025 to 2027 [40] Group 9: Zhongji Xuchuang (300308.SZ) - The company reported a revenue of 102.2 billion yuan in Q3 2025, a year-on-year increase of 56.8%, with a net profit of 31.4 billion yuan, up 125% year-on-year [42] - The company is expected to achieve net profits of 107 billion, 205 billion, and 268 billion yuan from 2025 to 2027 [43] Group 10: Dongfang Tower (002545.SZ) - The company achieved a revenue of 33.92 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.05%, with a net profit of 8.28 billion yuan, up 77.57% year-on-year [44] - The company is expected to achieve net profits of 12.68 billion, 14.46 billion, and 17.19 billion yuan from 2025 to 2027 [46]

Investment Rating - The investment rating for the company is "Buy" [5][3]. Core Insights - The company reported a revenue of 43.534 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 13.73%, and a net profit attributable to shareholders of 1.405 billion yuan, up 15.94% year-on-year [1][5]. - In Q3 2025, the company achieved a revenue of 16.549 billion yuan, with a year-on-year increase of 41.51% and a quarter-on-quarter increase of 17.05% [1]. - The gross profit margin for Q3 2025 was 18.54%, reflecting a quarter-on-quarter increase of 3.47 percentage points [1]. - The company is expanding its overseas storage capacity with a new project in Thailand, investing up to 482 million USD to build a facility with a total capacity of 17.4 GWh [2]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a net profit of 1.405 billion yuan, with a quarterly net profit of 550 million yuan in Q3, marking a year-on-year increase of 41.51% [1][3]. - The company’s revenue for 2025 is projected to reach 63.135 billion yuan, with a growth rate of 12.7% [4]. Product Development - The company’s lithium battery revenue reached approximately 2.36 billion yuan in Q3 2025, a year-on-year increase of 46% [2]. - The shipment proportion of silicon-carbon batteries exceeded 20% in Q3 2025, with expectations to increase to over 30% by 2026 [2]. Market Expansion - The company’s dynamic storage battery shipments reached 27 GWh in Q1-Q3 2025, with a target of 40 GWh for the entire year [2]. - The company is focusing on expanding its consumer battery business, with continuous innovation in product offerings [2].

Core Insights - Both XWDA and PH Energy reported significant growth in revenue and net profit for Q3 2025, benefiting from favorable market conditions [1][2] - XWDA's Q3 revenue reached 16.549 billion yuan, a 15.24% increase year-on-year, while net profit was 550 million yuan, up 41.51% [1] - PH Energy's Q3 revenue was 3.280 billion yuan, showing a remarkable 74.96% year-on-year growth, with net profit soaring to 203 million yuan, a staggering 977.24% increase [1] Group 1: Financial Performance - For the first three quarters of 2025, XWDA achieved a total revenue of 43.534 billion yuan, a 13.73% increase, and a net profit of 1.405 billion yuan, up 15.94% [2] - In contrast, PH Energy reported a revenue of 7.581 billion yuan for the same period, reflecting a 34.23% increase, and a net profit of 115 million yuan, which is an 89.33% rise [2] - XWDA's Q3 sales net profit margin improved to 3.10%, up from 1.47% in Q2 and 0.24% in Q1, indicating enhanced profitability [3] Group 2: Profitability Analysis - XWDA's Q3 gross profit margin was 18.54%, significantly higher than 14.88% in Q2, showcasing effective cost control [3] - PH Energy's Q3 gross profit margin surged to 18.07%, up from 11.38% in Q2, with a sales net profit margin of 6.38%, marking a return to profitability [4] Group 3: Quality of Earnings - Despite XWDA's net profit growth, its non-recurring profit accounted for approximately 28% of total profit, indicating a need for improvement in core business profitability [5] - PH Energy's net profit for the first three quarters was heavily influenced by non-recurring gains, with 86% of net profit coming from such sources, suggesting a need for stronger core earnings [7] Group 4: R&D and Future Outlook - XWDA increased its R&D expenses by 41.20% year-on-year, indicating a focus on technological advancements for future competitiveness [6] - The market will closely monitor PH Energy's ability to sustain its high growth rate and whether its strategic positioning in sodium-ion batteries can lead to new growth opportunities [8]

Group 1 - The core viewpoint of the article highlights the growth potential in the consumer battery sector, with a self-supply rate approaching 50% and a projected annual growth rate of over 25% for lithium batteries. The gross margin is expected to improve by 15-20% as the self-supply rate increases, with estimated profits for consumer batteries reaching 2.5-3 billion yuan this year, 3-3.5 billion yuan next year, and 3.5-4 billion yuan in the following year [1] - In the power battery segment, the company achieved breakeven in Q4, with expectations for profitability in 2026 potentially exceeding forecasts [1] Group 2 - In the energy storage sector, the company has made significant breakthroughs with known client orders projected at 30-40 GWh for 2026, indicating a supply-demand imbalance that allows for price increases. Profits in energy storage are expected to rise in both volume and price next year. Current production capacity is 10 GWh, expected to reach 20 GWh by year-end, with an investment of up to 480 million USD planned for a second phase of 17.4 GWh in Thailand [2]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 100 [2][9]. Core Insights - The company reported a Q3 revenue of RMB 45 billion, a year-over-year increase of 32%, with a net profit of RMB 2.82 billion, reflecting a year-over-year decrease of 11.7%. However, excluding certain costs, the net profit attributable to shareholders was RMB 3.675 billion, showing an 18.4% year-over-year increase [9][10]. - The company is experiencing expansion across its three main segments: power batteries (45% of revenue), energy storage batteries (37%), and consumer batteries (18%) [4][9]. - The projected net profits for 2025, 2026, and 2027 are RMB 48.4 billion, RMB 79.5 billion, and RMB 104.2 billion, respectively, with year-over-year growth rates of 18.8%, 64.2%, and 31% [10][12]. Company Overview - The company operates in the electrical equipment industry and has a current A-share price of RMB 77.53 as of October 28, 2025, with a market capitalization of RMB 144.319 billion [3]. - The company has a total of 2,045.74 million shares issued, with major shareholders including Tibet Yiwei Holdings Co., Ltd. holding 32.02% [3][4]. - The company's stock has seen a price increase of 8.0% over the past month, 75.7% over the past three months, and 59.1% over the past year [3]. Financial Performance - The company’s Q3 revenue was RMB 16.83 billion, a year-over-year increase of 35.9%, with a net profit of RMB 1.21 billion, a year-over-year increase of 15% [9]. - The gross margin for Q3 was 13.7%, with a slight decline due to one-time rebates to customers, but it is expected to recover in Q4 due to high demand [9]. - The company is expanding its production capacity with several new factories, including a 20 GWh power battery plant in Shenyang and a 28 GWh plant in Hungary, expected to be completed by 2026 [9][10].

Core Viewpoint - EVE Energy (300014.SZ) reported strong revenue growth in Q3 2025, with a 35.85% year-on-year increase in revenue to 16.832 billion yuan, and a net profit of 1.211 billion yuan, up 15.13% year-on-year and 140.16% quarter-on-quarter. However, the non-recurring net profit decreased by 22.04% year-on-year [1] Financial Performance - In the first three quarters of 2025, EVE Energy achieved a revenue of 45.002 billion yuan, a 32.17% increase year-on-year, but the net profit decreased by 11.70% to 2.816 billion yuan, with a non-recurring net profit down 22.51% [1] - The company’s battery shipments reached 34.59 GWh for power batteries, a 66.98% increase year-on-year, and 48.41 GWh for energy storage batteries, a 35.51% increase year-on-year, indicating that energy storage battery shipments have surpassed power batteries [1][2] Business Segments - EVE Energy's main business includes consumer batteries, power batteries, and energy storage batteries, positioning it as a leading lithium battery platform globally [2] - The improvement in profitability is attributed to the reduction of one-time costs and the organic growth of core business operations, with a significant increase in operating cash flow by 131.71% year-on-year [3] Market Outlook - Analysts predict that 2025 will be a year of performance reversal for EVE Energy, with expectations of significant profit elasticity in 2026 as production capacity utilization improves and popular vehicle models support profitability [3][4] - The company is expected to achieve a power battery shipment of 38-40 GWh in 2025, with a projected year-on-year growth of approximately 40% [4] Cost and Margin Improvements - The gross margin for power batteries improved significantly due to increased shipments to overseas clients and enhancements in production line efficiency, with a gross margin of 17.60% in the first half of the year, up from 11.45% year-on-year [4][5] - EVE Energy has secured a strategic procurement agreement for 50 GWh of energy storage cells, indicating strong demand in the energy storage market [6] Strategic Partnerships - EVE Energy established a joint venture with Enjie Co., Ltd. to produce lithium-ion battery separators, with an annual capacity of 1.6 billion square meters, indicating a strategic move to enhance its supply chain [7] - A global strategic cooperation framework was signed with Enjie Co., Ltd. for the procurement of battery separators, emphasizing the focus on overseas production bases [7] Recent Developments - A joint venture established in 2023 for mineral processing and metal refining was recently dissolved, raising questions about the strategic direction of EVE Energy [8]

Core Viewpoint - The company reported strong revenue and profit growth in Q3 2025, driven by significant increases in battery shipments, particularly in the power and energy storage sectors [1][2]. Financial Performance - In Q3 2025, the company achieved revenue of 16.832 billion yuan, a year-on-year increase of 35.85% and a quarter-on-quarter increase of 9.49% [1]. - The net profit attributable to shareholders was 1.211 billion yuan, up 15.13% year-on-year and up 140.16% quarter-on-quarter [1]. - The non-recurring net profit was 780 million yuan, showing a year-on-year decline of 22.04% but a quarter-on-quarter increase of 130.04% [1]. Battery Shipments - The company shipped 13.1 GWh of power batteries in Q3 2025, representing an 83% year-on-year increase [1]. - Energy storage battery shipments reached 19.7 GWh, a 33% year-on-year increase, with overall shipments exceeding industry growth rates [1]. Profit Margins - The gross margin for power batteries was stable at 17%-18%, while energy storage batteries improved to over 12% [1]. - The profit contribution from power and energy storage batteries was estimated at 9-10 billion yuan [1]. - Consumer battery revenue was around 3.1 billion yuan, with expected gross margins of approximately 20% for small cylindrical batteries and over 40% for lithium primary batteries [1]. Future Outlook - In Q4 2025, the company anticipates price adjustments in the energy storage sector to enhance profitability [2]. - The Malaysian energy storage base is expected to ramp up by the end of the year, contributing to excess profits [2]. - The company aims to maintain over 40% gross margin for lithium primary batteries and expects continued growth in small cylindrical batteries [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights strong demand for energy storage, with clear quarterly profit improvements [1] - The company's Q3 revenue reached 16.8 billion yuan, a year-on-year increase of 36%, while net profit attributable to shareholders was 1.21 billion yuan, up 15% quarter-on-quarter and 140% year-on-year [7] - The report anticipates a significant increase in battery shipments, projecting total shipments of 200 GWh in 2026, a growth of 60% [7] - The company is expected to benefit from rising prices in the energy storage sector, with profit margins projected to improve in Q4 2025 [7] Financial Forecasts - Total revenue is forecasted to reach 66.02 billion yuan in 2025, with a year-on-year growth of 35.80% [1] - Net profit attributable to shareholders is expected to be 4.51 billion yuan in 2025, reflecting a growth of 10.64% [1] - The report projects earnings per share (EPS) to be 2.20 yuan in 2025, with a price-to-earnings (P/E) ratio of 35.61 [1] - By 2026, revenue is expected to grow to 98.88 billion yuan, with net profit reaching 8.35 billion yuan, indicating an 85.11% increase [1] Market Data - The closing price of the company's stock is 78.49 yuan, with a market capitalization of approximately 160.57 billion yuan [5] - The company has a price-to-book (P/B) ratio of 4.17 and a total share capital of 2,045.73 million shares [5][6] Operational Insights - The company reported a stable gross margin in Q3 2025, with energy storage gross margin increasing by 2 percentage points [7] - The report indicates that the company is experiencing a supply-demand imbalance in its energy storage products, with production capacity expected to ramp up significantly in 2026 [7]