“稳健”的亿纬锂能，动力电池今年能否翻盘？

Core Viewpoint - Despite the ongoing downturn in the lithium battery market, EVE Energy has shown relatively stable performance, although it does not stand out compared to industry leaders CATL and BYD [1] Financial Performance - In 2024, EVE Energy reported revenue of 48.615 billion yuan, a year-on-year decrease of 0.35%, and a net profit of 4.076 billion yuan, a year-on-year increase of 0.63% [2] - In Q1 2025, EVE Energy achieved revenue of 12.796 billion yuan and a net profit of 818 million yuan, representing a year-on-year growth of 16.6% [2] - The company's battery shipment volume increased significantly, with a nearly 60% growth in power batteries and nearly 80% growth in energy storage batteries in Q1 [2] Business Segmentation - EVE Energy's lithium battery revenue is divided into power batteries (39.43%), energy storage batteries (39.14%), and consumer batteries (21.23%) [3] - The energy storage battery segment has been rapidly increasing its revenue share, potentially surpassing power batteries this year [3] - The gross margin for power batteries remained around 14%, despite a 20% year-on-year revenue decline [3] Market Position and Competition - CATL and BYD dominate the domestic power battery market, holding nearly 70% of the market share, leaving EVE Energy and other manufacturers to compete for the remaining share [4] - EVE Energy aims to reduce reliance on a few major clients by diversifying its customer base and offering differentiated products and services [4] Growth Drivers - The energy storage business has emerged as a crucial growth engine for EVE Energy, helping to mitigate overall performance declines [5] - In 2024, EVE Energy's energy storage capacity is expected to reach approximately 50 GWh, with an additional 20 GWh projected for 2025 [6] - EVE Energy's energy storage shipment volume reached 50.45 GWh in 2024, with a year-on-year growth exceeding 90% [6] Technological Advancements - EVE Energy has made significant progress in solid-state battery technology, with plans to launch high-power solid-state batteries for hybrid applications by 2026 [6] - The company has also achieved notable research results in lithium metal secondary batteries, sodium-ion batteries, and hydrogen fuel cells [6]