亿纬锂能(300014):电池出货同比高增,储能盈利能力有望提升

<p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp; &nbsp; #核心观点：1、2025年前三季度公司实现营收450.02亿元，同比增长32.17%；归母净利润28.16亿元，同比下降11.70%；扣非归母净利润19.37亿元，同比下降22.51%。2、第三季度实现营收168.32亿元，同比增长35.85%；归母净利润12.11亿元，同比增长15.13%；扣非归母净利润7.80亿元，同比下降22.04%。3、剔除股权激励费用、单项坏账计提影响，前三季度归母净利润为36.75亿元，同比增长18.40%；第三季度归母净利润14.57亿元，同比增长50.70%，环比增长30.43%。4、前三季度动力电池出货34.59GWh，同比增长66.98%；预计2026年商用车电池需求同比增长超过50%，乘用车动力电池出货量将有较大幅度增长。5、前三季度储能电池出货48.41GWh，同比增长35.51%；预计四季度满产满销，出货量环比增长，毛利率环比提升；2025年储能电池海外出货量占比不足两成，2026年目标超过25%。6、全固态电池预计第四季度推出下一代产品；半固态电池计划通过产线升级改造实现生产，并开拓下游市场。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#盈利预测与评级：调整盈利预测，预计公司2025-2027年预测每股收益为2.20/3.61/4.83元，对应市盈率39.7/24.2/18.1倍；维持买入评级。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;#风险提示：产业链需求不达预期；原材料价格出现不利波动；新能源汽车产业政策不达预期；新能源汽车产品力不达预期。</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;</p><p style="margin-bottom: 0px; margin-top: 0px; color: rgb(108, 107, 107); font-family: 微软雅黑; font-size: 14px; font-variant-numeric: normal; font-variant-east-asian: normal; font-variant-alternates: normal; font-variant-position: normal; font-variant-emoji: normal; line-height: 25.2px; text-wrap-mode: wrap;">&nbsp;&nbsp;&nbsp;&nbsp;本报告摘要不保证其100%准确性，如有疑问，请阅读正文文件。</p><p><br/></p>