文 |《瞭望》新闻周刊记者 董建国 黄景鸿 锂电池作为电动汽车、储能等领域的核心技术，在产业发展中发挥着关键支撑作用。在全球清洁能源转型大背景 下，中国锂电池产业脱颖而出，产量占全世界70%以上，是我国出口"新三样"的重要代表。 近年来，锂电池行业价格战愈演愈烈，电池价格持续下降，已经逼近甚至跌破不少二三线电池厂的成本价，滋生 了技术侵权、抄袭等现象，导致"劣币驱逐良币"。数据显示，"内卷"致锂电池行业产能利用率持续降低，2024年 国内动力电池产能利用率不到50%。 "反内卷"关乎储能行业利益，也关系到中国新能源产业的国际竞争力。多家企业反映，价格战已蔓延至海外市 场，一批企业盈利能力明显下滑，进而影响企业研发投入。 业内人士建议，坚持长期主义，发挥政府、行业、企业合力，通过建立产能精准管理与退出机制、加强知识产权 保护和拓展电动化应用场景等措施，有效提升企业盈利能力。 坚持长期主义，发挥政府、行业、企业合力，通过建立产能精准管理与退出机制、加强知识产权保护和拓展电动 化应用场景等措施，有效提升企业盈利能力 根据估算，2024年国内动力电池建成产能超过2000GWh，但总产量不及900GWh，产能利用率不到 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][20]. Core Insights - The company's performance in Q1 2025 met expectations, with total revenue of 84.7 billion and a year-on-year increase of 6%. The net profit attributable to shareholders reached 14 billion, reflecting a 33% increase year-on-year [7]. - The company is expected to significantly expand its battery exchange network in 2025, with plans to build 1,000 battery swap stations and partnerships with major companies to enhance its market presence [7]. - The commercial vehicle battery sector shows substantial growth potential, with the company holding over 70% market share in this area [7]. - The report forecasts net profits for 2025-2027 to be 65.03 billion, 78.54 billion, and 93.08 billion respectively, with corresponding P/E ratios of 16, 13, and 11 [7]. Financial Summary - Key financial metrics for the company include: - Total revenue projected to grow from 362.01 billion in 2024 to 656.67 billion in 2027, with a CAGR of 18% [3]. - Net profit attributable to shareholders expected to increase from 50.75 billion in 2024 to 93.08 billion in 2027, with a CAGR of 18.5% [3]. - Earnings per share (EPS) projected to rise from 11.52 yuan in 2024 to 21.14 yuan in 2027 [3]. - The company’s market capitalization is approximately 1,015.82 billion yuan, with a current share price of 230.69 yuan and a target price of 369.25 yuan [4][3].