Tiger Brokers

研报掘金丨东吴证券：维持亿纬锂能“买入”评级，盈利趋势继续向上

格隆汇
Aug 20
东吴证券研报指出，亿纬锂能产品+客户持续优化，盈利趋势继续向上。公司26年H1归母净利润33亿元，同增106%，其中26年Q2归母净利润18.5亿元，同环比+268%/+28％。Q2出货环增31%至46GWh，全年我们预计出货200GWh。公司持续打造新品，大方形新规划240GWh，大圆柱规划80GWh，后续有望迎来放量，竞争力进一步提升，目标27年出货量300GWh+，同增50%。预计Q2动储盈利0.025元/wh+，环增20%，随着价格策略的调整，叠加产品、客户结构的优化，全年盈利预计维持0.025元/wh+，贡献利润超50亿元。消费类业务发展稳健，碳酸锂及中游材料H1贡献投资收益5.6亿元，其中Q2贡献利润3.2亿元，预计全年贡献利润10亿元。给予27年20x估值，对应目标价89元/股，维持“买入”评级。

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