Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant achievements in the company's global expansion strategy, resulting in impressive performance metrics. In 2024, the company achieved a revenue of 35.39 billion yuan, a year-on-year increase of 12.0%, and a net profit attributable to shareholders of 1.21 billion yuan, up 28.6% year-on-year. The gross margin was 18.0%, an increase of 1.1 percentage points, while the net margin was 3.3%, up 0.2 percentage points. For Q1 2025, revenue reached 9.06 billion yuan, a year-on-year increase of 20.6%, with a net profit of 100 million yuan, up 45.6% year-on-year [4][5][6]. Summary by Sections Business Performance - The company reported a global power battery installation volume of approximately 840.6 GWh in 2024, a year-on-year increase of 19.0%. The lithium iron phosphate battery installation volume reached 422.7 GWh, up 45.6%, capturing over 50.3% market share. The company's global power lithium battery installation volume increased by 73.8% year-on-year, achieving a market share of 3.2%, ranking eighth globally, with a market share of 6.2% in the lithium iron phosphate segment, ranking third globally [4][5]. Product Development - The company has rapidly iterated its product matrix, responding to new industry technology demands. In the passenger vehicle sector, it launched the G-series PHEV battery system and the first-generation all-solid-state "Jinshi" battery, significantly enhancing energy density and fast-charging performance. In the commercial vehicle sector, it introduced the G-series pure electric heavy truck standard box and the world's first modular battery swap system, enabling "five-minute rapid battery swapping" [4][5]. Energy Storage Sector - The global demand for energy storage is rapidly increasing, with the company achieving significant results in its global layout. In 2024, global energy storage lithium battery shipments reached 369.8 GWh, a year-on-year increase of 64.9%. The company's energy storage battery shipments increased by 200% year-on-year, achieving a market share of 6%, ranking seventh globally [4][5]. Resource and Production Strategy - The company has established a complete lithium battery industry chain, enhancing its ability to withstand cost fluctuations. The self-sufficiency rate of key raw materials exceeds 40%. The overseas production bases in Thailand and Vietnam have commenced operations, with accelerated construction of other overseas bases to strengthen trade barrier resilience. The company plans to expand its power battery production capacity from an annual output of 20 GWh to 28 GWh [4][5]. Profit Forecast and Valuation - The company is positioned as a leading domestic lithium battery enterprise, expected to benefit significantly from the global electrification trend. Revenue forecasts for 2025-2027 are 45.35 billion yuan, 59.65 billion yuan, and 73.47 billion yuan, respectively. Net profit forecasts for the same period are 1.70 billion yuan, 2.39 billion yuan, and 3.38 billion yuan, respectively. The corresponding EPS estimates are 0.90 yuan, 1.30 yuan, and 1.90 yuan, with PE ratios of 21.5x, 15.3x, and 10.8x, respectively [4][5][6].

据悉，该项目此前已多次调整。 【DT新材料】 获悉，4月25日， 国轩高科 发布公告。公司拟将原募投项目"年产20GWh大众标准电芯项目"变更为" "，建设 内容拟变更为 年产28GWh动力锂离子电池，并延期项目达产时间至2026年12月 。 2022年4月 ，由"年产 16GWh 高比能动力锂电池项目"变更为" 年产20GWh大众标准电芯项目 "， 实施主体 由国轩全资孙公司合肥国轩电池有限公 司变更为全资孙公司 合肥国轩电池科技有限公司 ， 实施地点 由合肥经济技术开发区变更为 合肥新站高新技术产业开发区 。 2023年12月 ，项目预计可使用状态时间由2023年9月 首次延期至2024年12月 。 2025年4月 ，项目在实施地点、实施主体和投资总额（ 总额100.05亿元，截至2025年3月31日，已投入募集资金34.08亿元 ）不变的情况下，①由年 产20GWh动力电池（三元与磷酸铁锂各10GWh），二次调整为 28GWh （ 三元12GWh、磷酸铁锂16GWh ），② 应用自主研发的 高压实密度正极 材料 及 高倍率电芯技术 ，优化正负极配方、改进电芯结构设计与制造工艺，提升 能量密度 （ 超30 ...