发展趋势 4Q25 电池出货量或有望突破30GWh。受益于奇瑞风云A9L 等车型持续热销，9M25 公司电池出货量维 持高增长；展望4Q25，我们判断随着公司配套的吉利银河E5，长安启源A06 等车型上市，4Q25 公司动 力电池出货量有望继续维持高增速；此外，3Q25 以来储能电池需求维持强劲，我们判断4Q25 趋势有望 继续向上；总体看，我们预计4Q25 公司电池出货量有望突破30GWh，环比增长40-50%。 业绩回顾 3Q25 扣非归母净利润符合我们预期 国轩高科公布3Q25 业绩：收入101.14 亿元，YoY+21%；归母净利润21.67 亿元，同比大幅增长，主因 3Q25 公司前期持有的奇瑞汽车股份完成港股IPO，公允价值出现大幅变动（3Q25 公司公允价值变动收 益24.2 亿元）；扣非归母净利润0.13 亿元，YoY+54%，3Q25 公司扣非归母净利润符合预期。 据中国动力电池产业创新联盟，3Q25 国轩高科国内动力电池装机10.8GWh，YoY+53%。 盈利预测与估值 基于3Q25 公允价值变动情况，我们上调2025 年盈利预测104.1%至33.06 亿元，基本维持2026 年盈利预 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤锂电综合汇总 2025年9月外媒报道， Our Next Energy （ONE） 这家曾被寄予厚望的美国本土电池制造商，正在退租超过三分之 二的工厂空间。 为了确保其在下游行业的地位，继2023年第一季度的B轮融资后，ONE在未来五年内签署了10个客户协议，总计36吉 瓦时（GWh）。如果能将这些协议转化为承购协议，它可能会加速其ONE Circle项目的发展势头。 为了确保上游原料，ONE于2023年6月与加拿大正极材料生产商Nano ONE签署了LFP正极活性材料（CAM）的联合 开发协议（JDA）。这些正极材料将来自位于加拿大魁北克的Nano One的试点和未来的商业设施中生产。 但随着电动汽车需求不及预期，制造商大幅削减投资， 电池工厂的商业模式也随之崩塌。 特朗普政府取消电动汽车税 收抵免和燃油排放法规的做法，进一步给汽车行业电气化进程泼了冷水。 曾经的本土锂电希望 Our Next Energy则成 为了被泼冷水的电池企业之一。 会议详情： END 据了解，电池初创公司 Our Next E ...

Financial Overview - Tesla's total revenues for Q1 2023 were $18.76 billion, showing a 9.5% decrease compared to the previous quarter [1] - Gross profit margin (GPM) was reported at 20.1%, with a significant drop from previous quarters [1] - Operating profit margin (OPM) stood at 19.2%, reflecting a decline from earlier periods [1] Management Insights - Elon Musk indicated a shift in focus from Dogecoin to Tesla, suggesting a positive outlook for the company [2] - Musk emphasized that Tesla is not in a crisis but rather at a pivotal point, with potential growth driven by autonomous vehicles and humanoid robots [2][9] - The company plans to produce the Model 2.5 as scheduled, which is crucial for 2025 sales, despite potential delays in ramping up production [3] Autonomous Driving and Robotics - The rollout of Robotaxi services is on track for June in Austin, with significant contributions expected to financial reports by next year [4][10] - The Cybercab production line is set to be established in Q2, with mass production planned for the following year [6] - The Optimus robot project is progressing well, with expectations to produce thousands of units by the end of the year, aiming for a million units annually by 2029 or 2030 [7] Market Position and Challenges - Tesla is projected to capture over 90% of the U.S. market share in autonomous driving, provided there are no regulatory hurdles [5] - The impact of tariffs on the automotive business is minimal due to high local parts sourcing, but the energy storage business faces significant challenges due to reliance on imported lithium iron phosphate batteries [8] - Capital expenditures are expected to exceed $10 billion this year, influenced by tariffs affecting equipment imports [8]