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研報掘金丨中金:國軒高科有望迎來規模化盈利拐點,維持“跑贏行業”評級
中金公司研報指出,國軒高科(002074.SZ)於科技大會上表示全固態電池金石電池產品產業化取得明顯進展,電芯能量密度可達350Wh/kg,系統能量密度可達280Wh/kg,固態電池產品已開始裝車路測。產能建設方面,公司首條全固態電池中試線已經建設完畢,中試線設計產能0.2Gwh/年,生產線由公司自主設計,核心設備國產化率100%,產線良品率超90%。準固態電池產品已開始送樣。公司表示G垣準固態電池系統能量密度可達235 Wh/kg以上,較同體積液態電池提升超過36%,未來應用場景主要包括eVTOL、新能源汽車、人形機器人。此外,公司發佈的啓晨二代/重卡標準箱/20Mwh儲能系統等新品基於成熟的材料和生產工藝體系,判斷相關產品或於2H25起實現批量出貨,有望對公司盈利能力帶來較爲正向貢獻。判斷隨着公司電池出貨量的快速增長,規模效應增強有望逐步對衝限制公司盈利釋放的費用率/信用減值等問題,認爲若2H25公司電池出貨量達到50-60GWh,公司有望迎來規模化盈利拐點。維持“跑贏行業”評級和27元目標價。
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