亿纬锂能 20250815 摘要 易文里能形成储能、消费电池和动力电池三驾马车齐驱的业务格局，动 力和储能业务营收占比均为 40%，消费电池占比 20%。公司董事长夫 妇持股比例约为 40%，为实际控制人，核心团队具备超过 20 年的锂电 行业经验。 储能市场国内外均高速增长，国内 EPC 项目中标维持增长，美国大规模 项目同比增长 45%，备案容量同比增长 42%。欧洲户用储能需求恢复， 工商业储能增速更高。中东地区规划大规模储能项目，规模已达 14GW。 易文里能储能业务全球新增装机占比有望维持 50%以上增长，2024 年 出货量达 50.45GW，同比增长一倍，市占率提升至全球第四。公司全 球储能市占率达 21.6%，与国家电网等企业深度合作。 公司积极进行海外布局，在马来西亚建立生产基地，预计 2026 年初量 产，以支持全球交付。通过大容量单元设计降低系统成本和集成难度， 减少下游运维成本 30%左右，提高能源密度与安全性。 Q&A 易文里能在 2025 年的核心变化是什么？ 2025 年，易文里能的核心变化主要体现在以下四个方面：首先，在储能业务 方面，整体产能处于紧张状态，但出货量保持高速增长 ...

8月11日，亿纬锂能与维他动力正式达成机器人业务深度合作。双方将基于用户需求和机器人动力电池 技术发展趋势，推进具身智能产品化量产的进一步发展。 资金流向方面，亿纬锂能当日主力资金净流出2931.79万元，近五日主力资金净流入3032.19万元。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 亿纬锂能股价报45.93元，较前一交易日下跌1.42%。盘中最高触及46.34元，最低下探至45.31元，成交 量为38.29万手，成交金额达17.51亿元。 亿纬锂能主营业务为锂原电池和锂离子电池的研发、生产和销售，产品广泛应用于消费电子、新能源汽 车、储能系统等领域。公司是国内领先的锂电池制造商之一。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is deeply engaged in lithium primary batteries and lithium-ion batteries, with extensive layouts in energy storage, power, and consumer sectors. With the acceleration of domestic and international capacity expansion, the company is expected to become a global premium supplier of lithium batteries across various scenarios as downstream demand for lithium batteries grows rapidly [4][12][18]. Summary by Sections 1. Company Overview - The company has a strong foundation in lithium primary batteries and has expanded into lithium-ion batteries, focusing on energy storage, power, and consumer applications. The company aims to leverage the rapid growth in downstream lithium battery demand to solidify its position as a leading global supplier [12][18]. 2. Energy Storage Demand - The company has seen a continuous increase in domestic energy storage EPC bidding volumes, with a total of 26 GWh in the first four months of 2025, representing a year-on-year growth of 18.3%. Global energy storage demand is expected to grow by 52% in 2025, driven by the resonance of demand in China, the US, Europe, and emerging markets [50][61]. 3. Consumer Battery Growth - The global consumer battery shipment is projected to exceed 70 GWh in 2025, with the company's core product, cylindrical batteries, achieving full production and sales in 2024. The company is expected to maintain a strong market share in traditional and emerging sectors [15][75]. 4. Power Battery Recovery - The demand for power batteries remains robust, with a cumulative installation of 299.6 GWh in the first half of 2025, reflecting a year-on-year increase of 47.3%. The company achieved a shipment of 10.17 GWh in Q1 2025, up 58% year-on-year, indicating a steady improvement in profitability [13][20]. 5. Financial Forecasts - The company is expected to achieve revenues of 631.95 billion yuan, 800.50 billion yuan, and 1,040.05 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30%, 27%, and 30%. The net profit attributable to shareholders is projected to be 50.57 billion yuan, 67.96 billion yuan, and 90.63 billion yuan for the same years, with corresponding growth rates of 24%, 34%, and 33% [20][17].

Core Viewpoint - The article discusses the recent trend of Chinese companies, particularly in the new energy vehicle sector, opting for secondary listings in Hong Kong to secure funding and expand globally, highlighting the case of CATL's successful IPO and the implications for other companies like EVE Energy [1][3][4][9][65]. Group 1: CATL's IPO and Market Context - CATL's successful listing in Hong Kong raised HKD 35.6 billion, marking it as the largest IPO globally at that time [1]. - The funds raised are intended for research and development, talent acquisition, and global expansion, achieving the company's objectives [3]. - The trend of secondary listings is spreading across the Chinese new energy vehicle sector, indicating a strategic shift in funding approaches [4][9]. Group 2: EVE Energy's Position and Strategy - EVE Energy, a lithium battery manufacturer, is recognized as a key supplier for major automotive brands, including Xpeng and BMW [12][13]. - The company has a diverse product range, including consumer batteries, power batteries, and energy storage batteries, with significant technological capabilities [16]. - EVE Energy has achieved global leadership in lithium primary battery sales and ranks second in energy storage battery shipments as of 2024 [17]. Group 3: Market Dynamics and Product Development - The current power battery market is dominated by ternary lithium batteries and lithium iron phosphate batteries, with various shapes like cylindrical and prismatic [19][20]. - EVE Energy has successfully mass-produced large cylindrical batteries, achieving a 97% yield rate, positioning itself as a leader in this segment [29][31]. - The company has secured significant orders for its large cylindrical batteries, with projected demand reaching approximately 564 GWh over the next five years [39][40]. Group 4: Financial Performance and Challenges - In 2024, EVE Energy reported a slight decline in revenue to CNY 48.6 billion, with a net profit decrease of 6.61% [55]. - The company faces challenges in cash flow, with operating cash flow dropping by 48.9% year-on-year, indicating potential liquidity issues [57]. - Despite the decline in cash flow, the company aims to leverage its large cylindrical battery technology to drive growth in its power battery business [60]. Group 5: Future Outlook and Funding Needs - EVE Energy's future production capacity needs to expand significantly to meet the projected demand for large cylindrical batteries, with a target of 210 GWh by 2025 [40][61]. - The company is exploring various funding avenues, including a secondary listing in Hong Kong, to address its capital requirements for expansion [65]. - The article suggests that many Chinese new energy companies may follow EVE Energy's lead in seeking opportunities in Hong Kong to meet their financing needs [86].

Core Viewpoint - The recent announcement of EVE Energy Co., Ltd. initiating its H-share issuance plan to list on the Hong Kong Stock Exchange reflects a trend of capital migration within the lithium battery industry, aiming to break the current competitive landscape dominated by a few major players [2][3]. Company Overview - EVE Energy, established in 2001, has expanded its business across consumer batteries, power batteries, and energy storage batteries, ranking ninth globally in power battery installations and second in energy storage cell shipments [2]. - The company is currently in discussions with intermediaries regarding the specifics of its H-share issuance, with further details pending the submission of its prospectus [2]. Financial Performance - In Q1 2025, EVE Energy reported a significant revenue increase of 37.34% to 12.796 billion yuan, while net profit only slightly rose by 3.32%, indicating underlying issues such as profit erosion from price wars and financial pressure from heavy asset expansion [3][4]. - The company's operating costs increased by 37.45%, surpassing revenue growth, which raises concerns about the profitability of its core business [4]. Balance Sheet Insights - EVE Energy's total liabilities rose from 59.891 billion yuan at the end of 2024 to 67.249 billion yuan in Q1 2025, marking a 12.28% increase [5]. - Accounts receivable reached 12.808 billion yuan, representing 314.26% of net profit, suggesting potential risks in customer payment management [5]. Market Context and Strategic Implications - The H-share fundraising could provide crucial support for EVE Energy's expansion projects in Hungary and Malaysia, as well as help mitigate rising costs due to new EU battery regulations [6]. - The company’s potential fundraising of approximately 30 billion HKD could follow the precedent set by CATL, which raised 40.76 billion HKD in its H-share listing [6]. - The dual listing strategy (A+H) poses risks, including a potential valuation adjustment due to the disparity in price-to-earnings ratios between A-shares and the Hong Kong market [6][9]. Industry Trends - The lithium battery sector is experiencing a surge in IPOs, with over 76 billion HKD raised in 2025, reflecting a significant increase in market activity [8]. - The competitive landscape is intensifying, with companies like CATL setting new industry standards, while second-tier manufacturers face increasing pressure from rising production costs and market dynamics [9]. Globalization and Future Outlook - EVE Energy's decision to list in Hong Kong is indicative of broader anxieties within China's new energy supply chain, as companies seek international credibility and funding to compete with global giants [9]. - The company's R&D expenditure of 2.942 billion yuan (6.29% of total revenue) raises questions about its ability to effectively manage multiple technology pathways [9].

Core Insights - The company reported a Q1 2025 revenue of 12.8 billion yuan, a year-on-year increase of 37.3% but a quarter-on-quarter decrease of 12% [1] - The net profit attributable to shareholders was 1.1 billion yuan, reflecting a year-on-year growth of 3.3% and a quarter-on-quarter increase of 24% [1] - The non-recurring net profit reached 820 million yuan, up 16.6% year-on-year and 23.6% quarter-on-quarter [1] Group 1: Battery Sales Performance - In Q1 2025, the company shipped 10.17 GWh of power batteries, marking a year-on-year increase of 57.58%, benefiting from the growth in commercial vehicle sales [2] - The market share for power batteries was 13.41%, maintaining the second position in the domestic market, with over 80% coverage among top customers in the new energy commercial vehicle segment [2] - The company shipped 12.67 GWh of energy storage batteries, showing a year-on-year growth of 80.54%, although the quarter-on-quarter performance was affected by seasonal factors [2] Group 2: Profitability and Cost Management - The overall gross margin for the company reached 17.16%, with stable margins for power batteries and a slight decline in energy storage battery margins due to utilization rates [2] - In Q1 2025, the company reported investment income of 120 million yuan, while the total expense ratio was 10.85%, a year-on-year decrease of 1.75 percentage points [3] - The financial expense ratio increased to 1.41%, reflecting a year-on-year rise of 0.57 percentage points, while R&D expense ratio decreased to 4.76%, down 3.00 percentage points year-on-year [3] Group 3: Future Outlook - The company is expected to benefit from increased utilization rates driven by the growth in power battery demand and improved energy storage shipment structure [3] - The establishment of the Malaysian energy storage base is anticipated to mitigate the impact of U.S. tariffs, with expectations for further unit profit growth from large cylindrical battery shipments [3] - Projected revenues for 2025 and 2026 are 5.1 billion yuan and 7.1 billion yuan, respectively, with corresponding price-to-earnings ratios of 18 and 13 times [3]

Core Viewpoint - EVE Energy has returned to growth in its performance, with significant increases in revenue and net profit in the first quarter of the year, driven by strategic shifts towards energy storage and a strong market position in the battery industry [1][2]. Financial Performance - In Q1, EVE Energy achieved revenue of 12.796 billion yuan, a year-on-year increase of 37.34% [1] - The net profit attributable to shareholders was 1.101 billion yuan, up 3.32% year-on-year [1] - The net profit excluding non-recurring items was 818 million yuan, reflecting a 16.60% increase year-on-year [1] Strategic Shifts - The founder and chairman, Liu Jincheng, has focused on energy storage, leading to a significant increase in the company's market share, with energy storage cell shipments ranking second globally [1][8] - Liu anticipates that 2025 will mark the "year of the large cylindrical battery," predicting a demand of 5 GWh for these batteries [1][9] Industry Position and Competition - EVE Energy's market share in the domestic power battery sector reached 4.45% in 2023, ranking fourth nationally, an improvement from the previous year [6] - The company has faced challenges in the competitive landscape dominated by CATL and BYD, with a notable decline in revenue from power batteries in 2024 [7] Growth in Energy Storage - In 2023, EVE Energy's revenue from energy storage batteries was 16.34 billion yuan, accounting for 33.5% of total revenue, and in 2024, this segment grew to 19.027 billion yuan, a 16.44% increase [7][8] - Energy storage battery shipments reached 50.45 GWh in 2024, marking a 91.90% year-on-year increase [8] Future Prospects - EVE Energy is actively exploring new opportunities in various battery technologies, showcasing products at the Shanghai Auto Show, including OMNI batteries and other innovative solutions [8][10]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 49.20 [7][8]. Core Views - The company has shown significant growth in energy storage shipments, with a strong performance in the consumer sector and expectations for profitability improvement in the power sector in 2025 [1][2]. - The company's Q1 2025 revenue reached RMB 12.796 billion, representing a year-on-year increase of 37.34% [1]. - The net profit attributable to the parent company for Q1 2025 was RMB 1.101 billion, exceeding previous expectations due to improved non-recurring gains [1][2]. Summary by Sections Energy Storage and Power Sector - In Q1 2025, the company shipped 10.17 GWh of power storage, a year-on-year increase of 58%, with a capacity utilization rate close to 70% [2][3]. - The company anticipates continued improvement in profitability in the power business throughout 2025, supported by the construction of a storage factory in Malaysia, which is expected to begin production in 2026 [3]. Consumer Sector - The company has maintained its leading position in lithium batteries, with monthly sales of small cylindrical batteries exceeding 10 million units [4]. - The Malaysian small cylindrical battery factory has commenced production, and the company expects a revenue growth rate of 20% in consumer batteries for 2025 [4]. Financial Projections - The company forecasts net profits attributable to the parent company of RMB 5.035 billion, RMB 6.727 billion, and RMB 7.939 billion for 2025, 2026, and 2027, respectively [4][6]. - The projected revenue for 2025 is RMB 72.494 billion, reflecting a growth rate of 49.12% compared to 2024 [6].

4月17日，亿纬锂能披露2024年"成绩单"。 据 2024年年度报告显示， 亿纬锂能去年实现 营收486.15亿元 ，同比下降0.3%； 净利润40.76亿元，同比上升0.6% ； 扣非净利润 31.62亿元，同比增长14.76%。 单看第四季度， 亿纬锂能 营收145.7亿元， 净利润8.87亿元， 扣非净利润6.62亿元， 实现三线同增 ， 分别增长9.9%、 41.7%、 10.3%。 综合年报来看， 亿纬锂能过去一年的表现可圈可点，早已为业绩增长奠定了基础。 众所周知，亿纬锂能一直以 消费电池、动力电池、储能电池三大业务板块进行布局，其中消费电池业务包括锂原电池、小型锂离子电池、圆 柱电池，动力电池业务包括新能源汽车电池及其电池系统。 报告期内，亿纬锂能 消费、动力、储能三大板块均实现较大突破。 具体来看， 消费电池 营收103.22亿元，同比增长23.44%， 占营收比重21.23%。 其中，锂原电池产品包括 锂-亚硫酰氯电池、锂-二氧化锰电池、电池电容器（SPC）、复合电源ES等，适用于 各类智能表计、汽车电子、 智能安防、智慧医疗、定位追踪、资源监测等物联网及新兴产业。据悉，其锂亚硫酰氯电池（ ...