研報掘金丨東吳證券:維持蔚藍鋰芯“買入”評級,BBU+機器人拓寬邊界
東吳證券研報指出,蔚藍鋰芯(002245.SZ)24年歸母淨利潤4.9億元,同增246%。鋰電池方面,預計Q4出貨1.5億顆,環增25%,24年出貨4.4億顆,同比翻倍,海外客戶去庫存結束恢復採購,疊加智能出行領域拓展,25年有望30%+增長至6億顆;盈利方面,鋰電Q4單顆盈利0.7元,環增223%,24年單顆盈利0.45元,同增300%,全年貢獻2億利潤,隨着規模效應的提升,馬來工廠產能的釋放,盈利進一步提升,25年有望貢獻3.5億利潤。LED業務盈利亮眼,金屬物流保持穩健。另外,BBU開拓新賽道,機器人牽手宇樹科技,有望打造第二曲線。維持“買入”評級。
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