分析师：牟国洪 登记编码：S0730513030002 新能源动力系统 mough@ccnew.com 021-50586980 业绩恢复增长，隔膜显著放量 ——璞泰来(603659)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2026-03-06) | 收盘价(元) | 26.61 | | --- | --- | | 一年内最高/最低(元) | 32.15/15.00 | | 沪深 300 指数 | 4,660.44 | | 市净率(倍) | 2.78 | | 流通市值(亿元) | 568.50 | | 基础数据(2025-12-31) | | | 每股净资产(元) | 9.56 | | 每股经营现金流(元) | 1.26 | | 毛利率(%) | 31.72 | | 净资产收益率_摊薄(%) | 11.54 | | 资产负债率(%) | 52.93 | | 总股本/流通股(万股) | 213,639.91/213,639.91 | 《璞泰来(603659)年报点评：一季度业绩增 长，持续推进海外布局》 2025-04-29 联系人：李智 B 股/H 股(万股) 0.00/0.00 个股相对沪 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2025 performance met market expectations, with total revenue of 15.71 billion yuan, a year-on-year increase of 16.83%, and a net profit attributable to shareholders of 2.36 billion yuan, up 98.14% year-on-year [9] - The report highlights the positive trends in multiple business segments, particularly in the negative electrode sector, which is expected to contribute significantly to growth in 2026 [9] - The company is actively advancing the development and production of high-capacity negative electrodes and other innovative materials, which are anticipated to drive future revenue growth [9] Financial Summary - Total revenue projections for the company are as follows: 13.45 billion yuan in 2024, 15.71 billion yuan in 2025, 20.97 billion yuan in 2026, 26.59 billion yuan in 2027, and 33.84 billion yuan in 2028 [1] - Net profit attributable to shareholders is forecasted to reach 1.19 billion yuan in 2024, 2.36 billion yuan in 2025, 3.33 billion yuan in 2026, 4.38 billion yuan in 2027, and 5.35 billion yuan in 2028 [1] - The earnings per share (EPS) is projected to be 0.56 yuan in 2024, increasing to 1.10 yuan in 2025, 1.56 yuan in 2026, 2.05 yuan in 2027, and 2.50 yuan in 2028 [1] - The price-to-earnings (P/E) ratio is expected to decline from 49.45 in 2024 to 11.01 in 2028, indicating a more attractive valuation over time [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2025 performance met market expectations, with revenue of 15.71 billion yuan, a year-on-year increase of 16.83%, and a net profit attributable to shareholders of 2.36 billion yuan, up 98.14% year-on-year [9] - The report highlights the positive trends in multiple business segments, particularly in the negative electrode sector, which is expected to contribute significantly to growth in 2026 [9] - The company is actively advancing the development and production of high-capacity negative electrodes and other innovative materials, which are anticipated to drive future revenue growth [9] Financial Summary - Total revenue projections for the company are as follows: 13.45 billion yuan in 2024, 15.71 billion yuan in 2025, 20.97 billion yuan in 2026, 26.59 billion yuan in 2027, and 33.84 billion yuan in 2028, with respective year-on-year growth rates of -12.33%, 16.83%, 33.49%, 26.81%, and 27.24% [1] - Net profit attributable to shareholders is forecasted to be 1.19 billion yuan in 2024, 2.36 billion yuan in 2025, 3.33 billion yuan in 2026, 4.38 billion yuan in 2027, and 5.35 billion yuan in 2028, with year-on-year growth rates of -37.72%, 98.14%, 41.18%, 31.57%, and 22.05% respectively [1] - The report projects an EPS of 0.56 yuan for 2024, increasing to 1.10 yuan in 2025, 1.56 yuan in 2026, 2.05 yuan in 2027, and 2.50 yuan in 2028 [1] - The company is expected to maintain a P/E ratio of 49.45 in 2024, decreasing to 24.96 in 2025, 17.68 in 2026, 13.44 in 2027, and 11.01 in 2028 [1]