金吾财讯 | 中信证券表示，从四家日韩电池企业（LGES、三星SDI、SKI、Panasonic）的2024年和2025年一季度经营结果来看，剔除IRA补贴影响，营业利润率依旧承压，较国内电池龙头公司盈利能力依然有显著差距，同时市场份额进一步下滑。展望后续来看，欧洲碳排考核期延缓、美国关税影响下，日韩电池企业未来需求不确定性风险显著提升，仍需通过开拓磷酸铁锂电池、开发储能市场打开新增长空间，同时严控资本开支效率、努力推进降本增效以提升盈利水平。继续重点推荐全球份额持续提升、盈利能力领先，同时具备显著估值优势的国内头部电池企业。
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