机构：国信证券 研究员：王蔚祺/李全 事项： 根据SNE Research 数据，2025 年1-10 月公司在全球动力电池市场份额为4.7%、同比持续提升；其中10 月单月装机量超越LG 新能源、首度跻身全球前三。 国信电新观点：1）公司动力电池出货量快速提升，业务朝向全球化多元化方向发展。公司国内外客户 持续开拓，出货量及市场份额显著增长；我们估计公司2025 年动力电池出货量有望近70GWh，同比增 长有望超50%。乘用车领域，公司与小鹏、零跑、广汽、长安等客户深入合作，并陆续斩获海外领先乘 用车客户订单，全球化加速推进。商用车领域，公司已经实现对吉利、奇瑞、瑞驰等客户的覆盖，并在 海外成功交付电动大巴电池、电动重型卡车电池。公司动力电池客户逐步多元化、全球化，助力盈利能 力持续向好。 2）公司储能电池出货快速增长，携手头部客户实现国内外快速发展。作为业内最早量产314Ah 电芯的 企业之一，公司持续推动产品优化升级，相继推出314Ah 二代、392Ah、588Ah、684Ah 等多款产品， 满足客户多样性需求。客户方面，公司与阳光电源、中车株洲所等客户深入合作，市场份额稳步提升。 同时，公司加速海外布 ...

Core Viewpoint - EIG has established Fidra Energy, focusing on developing large-scale battery energy storage projects in the UK, aiming for a 10 GW platform by 2030 [2]. Group 1: Project Developments - Fidra Energy is developing three major battery storage projects in the UK: Thorpe Marsh (1.45 GW/3.3 GWh), Bicker Fen 1&2 (1.2 GW/2.4 GWh, in planning), and West Burton C (0.5 GW/1.1 GWh) [2]. - The Thorpe Marsh project is the largest battery storage project in the UK, with a capacity of 1.45 GW/3.1 GWh, located near a former coal power station and adjacent to a major substation [4]. - The West Burton C project, with a capacity of 0.5 GW/1.1 GWh, is situated in Nottinghamshire, near an existing gas power station and a proposed nuclear fusion site [6]. Group 2: Project Milestones - For the Thorpe Marsh project, key milestones include planning permission approval from Doncaster City Council in January 2025 and securing a 15-year contract for 1.4 GW capacity in the NESO T-4 auction in March 2025 [3][8]. - The West Burton C project is expected to finalize investment decisions by the end of 2025, with commercial operations anticipated in Q4 2027 [7][8].