小牛电动:一季度亏损幅度收窄 产品及渠道变革有望促进底部反转

国信证券
May 23, 2025

一季度收入较快增长,利润亏损幅度收窄。2016-2021 年公司收入复合增速59.8%,2021 年后碳酸锂涨价,公司主打锂电产品价格持续上涨,导致销量下滑,至2023 年收入下降至26.52 亿元。2024 年公司首次布局高端铅酸电动两轮车,加强终端渠道开拓及下沉,2024 年收入32.88 亿元,同比增长24%,2025 年一季度收入6.8 亿元,同比增长35.1%,收入持续恢复。锂电成本增加...

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