北交所公司业绩点评 买入（维持） 德瑞锂电 2025 年中报点评 公 司 点 评 业绩稳步提升，全球客户体系支撑长期成长 2025 年 9 月 1 日 投资要点： 资料来源：东莞证券研究所，ifind 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 总市值（亿元） 32.40 分析师：李紫忆 SAC 执业证书编号： S0340522110001 电话：0769-22177163 邮箱： liziyi@dgzq.com.cn 公司披露2025年中报：2025年上半年，公司实现营业收入2.54亿元，同 比增加11.87%；利润总额达到0.86亿元，同比增加17.13%；实现归母净 利润0.74亿元，同比增加17.54%。2025年二季度单季，公司实现营业收 入1.37亿元，同比增加16.41%；实现归母净利润0.40亿元，同比增加 16.13%。 公 司 研 究 主要数据 2025 年 8 月 29 日 收盘价(元) 31.98 2025年上半年，公司营收与净利润保持稳健增长，锂一次电池下游需求 持续增长。公司紧 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company has experienced steady growth in revenue and net profit due to the continuous increase in downstream demand for lithium primary batteries. In 2024, the company achieved a revenue of 520 million yuan, a year-on-year increase of 50.12%, and a net profit of 151 million yuan, a year-on-year increase of 182.47% [4] - The company is a leading player in the domestic lithium manganese primary battery market, benefiting from strong customer loyalty and a high level of automation in its production lines. The company has established long-term partnerships with globally recognized brands, contributing to its competitive edge in the international market [4][5] Summary by Relevant Sections Financial Performance - In 2024, the company reported total revenue of 520 million yuan and a net profit of 151 million yuan. For Q1 2025, revenue was 118 million yuan, a year-on-year increase of 7.03%, and net profit was approximately 34.31 million yuan, a year-on-year increase of 19.21% [4][5] - The revenue composition shows that the overseas market generated 339 million yuan, accounting for 65.16% of total revenue, with a year-on-year growth of 60.4%. The domestic market generated 181 million yuan, accounting for 34.84%, with a year-on-year growth of 34.05% [4] Market Position and Strategy - The company is actively expanding its market presence by tapping into emerging industries and enhancing customer relationships. It is also focused on technological innovation to strengthen its market share [4] - The company is constructing a new high-performance lithium battery production project, which is expected to triple its annual production capacity to 180 million batteries upon completion [4] Earnings Forecast - The earnings forecast for the company indicates projected revenues of 614 million yuan in 2025, 736 million yuan in 2026, and 920 million yuan in 2027. The net profit is expected to be 157 million yuan in 2025, 188 million yuan in 2026, and 234 million yuan in 2027 [5]