Core Viewpoint - Ningde Times has achieved a significant milestone by obtaining the overseas listing filing notice from the China Securities Regulatory Commission (CSRC) in just 25 days, marking a rapid advancement in its global strategy [1][2]. Group 1: Regulatory Approval and Strategic Value - The swift approval reflects the CSRC's strong recognition of Ningde Times' internationalization strategy, following the introduction of supportive policies for mainland leading enterprises to list in Hong Kong [2]. - The company has demonstrated high execution efficiency from the initial disclosure of its Hong Kong listing plan in December 2024 to the formal submission of its H-share issuance application in February 2025 [2]. Group 2: Fundraising and Global Expansion - Ningde Times plans to issue up to 220 million overseas ordinary shares, with the raised funds primarily allocated for overseas capacity expansion, international business development, and supplementing overseas working capital [3]. - The fundraising is expected to support major projects such as the Debrecen factory in Hungary (total investment of €4.9 billion) and the joint venture factory in Spain with Stellantis (total investment of €4.1 billion) [3]. Group 3: Technological and Market Leadership - Ningde Times holds a 37.9% global market share in power batteries for 2024, maintaining its position as the world's leading supplier for eight consecutive years, and a 36.5% market share in energy storage batteries for four years [4]. - The company has introduced groundbreaking products like the Shenhung PLUS battery (energy density of 205 Wh/kg) and the condensed state battery (energy density of 500 Wh/kg), driving industry technological advancements [4]. Group 4: Global Market Positioning - The company's international collaborations with automotive and energy storage clients in Japan, Germany, France, and the United States have resulted in overseas revenue accounting for over 30% of its total income [4]. - The Hong Kong listing is anticipated to enhance its international capital operation capabilities, attract more global investors, and diversify its shareholder structure [4]. Group 5: Demonstrative Effect and Industry Impact - The 25-day record set by Ningde Times serves as a model for other Chinese companies looking to list overseas, potentially accelerating their globalization processes [5]. - By listing in Hong Kong, Ningde Times is expected to strengthen its influence in the global power battery industry and facilitate the internationalization of Chinese renewable energy technology [6]. Group 6: Conclusion - The overseas listing filing represents a pivotal event in Ningde Times' globalization strategy, leveraging its technological strength, market position, and policy advantages to create a dual-circulation model of "Chinese technology + global resources" [7]. - With the successful fundraising and capacity expansion, Ningde Times is poised to continue leading in the global renewable energy sector and provide a new paradigm for the internationalization of Chinese enterprises [7].

Investment Rating - The report maintains a "Buy" rating for the company [1][4][6] Core Views - The company achieved a net profit of 50.745 billion RMB in 2024, representing a year-on-year growth of 15.01%, which aligns with expectations [4][9] - The company holds a strong market position, being the global leader in power battery usage for eight consecutive years, with a market share of 37.9% in 2024 [9] - The company has a comprehensive product matrix and is leading in solid-state battery technology [9] Financial Summary - The company’s revenue for 2024 is projected at 362.013 billion RMB, a decrease of 9.7% compared to 2023 [8][10] - The EBITDA for 2024 is estimated at 70.219 billion RMB, with a significant increase in net profit expected in the following years [8][10] - The forecasted earnings per share (EPS) for 2025 is 15.02 RMB, reflecting a growth of 5.1% from previous estimates [6][10] Market Performance - The company's stock price is currently at 259.48 RMB, with a market capitalization of approximately 1,142.593 billion RMB [1][2] - The stock has shown a 40.4% increase over the past 12 months, outperforming the Shenzhen Composite Index by 27.4% [2] Shareholder Information - Major shareholders include Xiamen Ruiting Investment Co., Ltd., holding 23.27% of the shares [3]

宁德时代赴港上市获证监会备案 拟募资加速海外产能布局 【环球网财经综合报道】3月25日晚间，宁德时代发布公告称，公司已收到中国证监会出具的《境外发行上市备案通知书》，拟发行不超过2.2017亿股境外 上市普通股并在香港联交所上市。若未在备案后12个月内完成发行，需更新材料后方可继续推进。 产能方面，宁德时代国内在建基地覆盖宁德、济宁、洛阳、北京等地，海外布局包括德国、匈牙利、西班牙及印尼项目。公司表示，未来几年市场增速较 快，在建产能已超200GWh，但资本开支增速将低于产能增速。 财报数据显示，宁德时代2024年营收3620.13亿元，同比下降9.70%；净利润507.45亿元，同比增长15.01%。公司宣布年度现金分红及特别分红合计199.76亿 元，拟每10股派发现金45.53元（含税）。截至3月25日A股收盘，宁德时代报259.48元/股，总市值1.14万亿元。 业内人士分析，港股上市将助力宁德时代储备国际化资金，提升跨境资源整合能力，进一步吸引全球客户及合作伙伴，强化其全球市场竞争力。 此次赴港上市计划始于2024年12月26日，公司于今年2月正式向港交所提交申请。根据招股书，募集资金将重点用于海外 ...

用时25天！宁德时代取得境外发行上市备案通知 书，赴港上市再提速 转自：新华财经 新华财经上海3月26日电（记者 郭慕清）记者26日从宁德时代获悉，宁德时代已于3月25日取得中国证 监会国际司出具的境外发行上市备案通知书，项目从备案受理至获得备案通知书仅耗时25天，创近年来 境外发行备案最快纪录之一，标志着宁德时代港股上市进程正顺利推进。 2024年4月，中国证监会发布5项资本市场对港合作措施，其中提出"支持内地行业龙头企业赴香港上 市"，为A股企业赴港上市提供了有力的政策支持和引导。本次宁德时代迅速取得备案通知书，彰显了 监管部门对公司全球化战略的高度支持。 作为全球领先的新能源创新科技公司，宁德时代此次赴港上市计划自启动以来便备受关注。2024年12 月，宁德时代首次公告筹划发行H股股票并在香港联合交易所有限公司主板上市，随后于2025年2月11 日向港交所正式递交申请。宁德时代有望成为港股近年来规模最大的IPO，投资者对其表现出强烈兴 趣，反映出对公司基本面、市场地位和技术优势的高度认可。 2024年年度报告显示，宁德时代实现营业收入3620亿元，实现归属于上市公司股东的净利润507亿元， 同比增长15 ...

Investment Rating - The investment rating for the company is "Strongly Recommended" [15] Core Views - The company achieved a revenue of 362.01 billion yuan in 2024, a year-on-year decrease of 9.7%, while the net profit attributable to shareholders was 50.75 billion yuan, an increase of 15.0% year-on-year [4][6] - The company maintains strong profitability with an overall gross margin of 24.44%, up 1.53 percentage points year-on-year, driven by lower raw material costs and the contribution of high-end products [8][9] - The company is positioned as a global leader in lithium battery technology, with a comprehensive market layout and ongoing product innovation [11] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 362.01 billion yuan, with a breakdown of 253.04 billion yuan from the power battery segment (down 11.3% year-on-year), 57.29 billion yuan from the energy storage segment (down 4.4%), and 28.70 billion yuan from battery materials and recycling (down 14.6%) [4][8] - The company sold 475 GWh of lithium-ion batteries in 2024, a year-on-year increase of 21.8%, with power battery system sales of 381 GWh (up 18.9%) and energy storage battery system sales of 93 GWh (up 34.3%) [8] Profitability Metrics - The net profit margin for 2024 was 14.92%, an increase of 3.26 percentage points year-on-year [9] - The company’s return on equity (ROE) for 2024 was 20.6%, with projections for 2025 and beyond indicating continued strong profitability [13] Future Projections - Revenue is projected to recover in 2025 with an expected increase of 27.3% to 460.70 billion yuan, followed by further growth in subsequent years [6][13] - The net profit attributable to shareholders is expected to reach 66.26 billion yuan in 2025, reflecting a growth rate of 30.6% [6][13] Market Position and Strategy - The company is actively expanding its product lines and market presence, with new innovations in passenger and commercial vehicle batteries, as well as energy storage solutions [11] - Strategic partnerships and global capacity expansion are underway, with new factories being established in Hungary and Spain [11]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting the stock to outperform the market by over 20% within the next six months [13]. Core Views - The company achieved a revenue of 362.01 billion yuan in 2024, a year-on-year decrease of 9.7%, while the net profit attributable to shareholders increased by 15.0% to 50.75 billion yuan [4][6]. - The report highlights that the company's battery sales are steadily increasing, with a total lithium-ion battery sales volume of 475 GWh in 2024, representing a year-on-year growth of 21.8% [8]. - The overall gross margin improved to 24.44%, up 1.53 percentage points year-on-year, driven by lower raw material costs and the contribution of high-end products [8][9]. - The company is positioned as a global leader in lithium battery technology, with a comprehensive market layout and strong growth potential in the global lithium battery market [9]. Financial Performance Summary - **Revenue and Profitability**: - 2024 revenue: 362.01 billion yuan, down 9.7% year-on-year [6]. - 2024 net profit: 50.75 billion yuan, up 15.0% year-on-year [4]. - Gross margin: 24.44%, up 1.53 percentage points [8]. - Net margin: 14.92%, up 3.26 percentage points [9]. - **Future Projections**: - Expected revenue growth of 27.3% in 2025, reaching 460.70 billion yuan [6]. - Projected net profit for 2025: 66.26 billion yuan, a growth of 30.6% [6]. - **Key Financial Ratios**: - Return on Equity (ROE) for 2024: 20.6% [11]. - Price-to-Earnings (P/E) ratio for 2025: 17.2 [11]. Business Segment Performance - **Battery Segments**: - Power battery revenue: 253.04 billion yuan, down 11.3% year-on-year, accounting for 69.9% of total revenue [8]. - Energy storage system revenue: 57.29 billion yuan, down 4.4% year-on-year, accounting for 15.8% of total revenue [8]. - Battery materials and recycling revenue: 28.70 billion yuan, down 14.6% year-on-year, accounting for 7.9% of total revenue [8]. - **Sales Volume**: - Power battery system sales: 381 GWh, up 18.9% year-on-year [8]. - Energy storage battery system sales: 93 GWh, up 34.3% year-on-year [8]. Investment Outlook - The company is expected to benefit from the growing global demand for lithium batteries, with a strong focus on technology and cost control advantages [9]. - The report suggests a downward adjustment in profit forecasts for 2025 and 2026, with net profit estimates of 66.26 billion yuan and 79.73 billion yuan, respectively [9].

Core Viewpoint - Suzhou Dingjia Precision Technology Co., Ltd. is facing challenges in its IPO process due to pricing issues with key clients, including CATL and Nantech, which have led to unfavorable cooperation situations [1][5]. Group 1: Client Relationships and Sales Performance - Dingjia Precision's products are primarily used in the consumer electronics sector, with a high client concentration. The top five clients contributed 51.49%, 47.46%, and 50.07% of revenue from 2021 to 2023, respectively [2][3]. - The largest client, Compal Electronics, accounted for 18.77%, 18.29%, 22.76%, and 21.94% of revenue from 2021 to 2024, indicating a strong dependency on this client [2][3]. - Sales to Compal Electronics fluctuated in line with the company's overall revenue, which was 392 million, 329 million, and 367 million from 2021 to 2023, showing a correlation with Compal's purchasing needs [5][6]. Group 2: Pricing and Market Conditions - In 2024, Dingjia Precision's sales prices for major clients generally decreased, with a notable drop of 6.89% for Compal's functional products and 16.08% for products sold to Jiteng International [11][12]. - The company has been unable to meet Nantech's price reduction demands, leading to a temporary halt in orders from this client [1][11]. - The overall pricing pressure is attributed to increased competition and changing market demands in the consumer electronics industry [11][12]. Group 3: IPO and Fundraising Plans - Dingjia Precision initially aimed to raise 400 million for various projects but later reduced the target to 303 million after shifting its IPO focus to the Beijing Stock Exchange [13][14]. - The company canceled a project related to protective materials production, citing market conditions and internal resource optimization as reasons for the change [14][17]. - The planned expansion of production capacity for functional products is significant, with an expected increase of approximately 1.5 billion units annually, despite concerns about the ability to absorb this new capacity [17].

三、公司完成境外发行上市后15个工作日内，应通过中国证监会备案管理信 息系统报告发行上市情况。公司在境外发行上市过程中应严格遵守境内外有关法 律、法规和规则。 四、公司自备案通知书出具之日起12个月内未完成境外发行上市，拟继续推 进的，应当更新备案材料。 备案通知书仅对公司境外发行上市备案信息予以确认，不表明中国证监会对 公司证券的投资价值或者投资者的收益作出实质性判断或者保证，也不表明中国 证监会对公司备案材料的真实性、准确性、完整性作出保证或者认定。 证券代码：300750 证券简称：宁德时代 公告编号：2025-028 宁德时代新能源科技股份有限公司 关于发行境外上市外资股（H 股） 获得中国证监会备案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 宁德时代新能源科技股份有限公司（以下简称"公司"）正在进行申请发行 境外上市外资股（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"） 主板挂牌上市的相关工作，公司于 2025 年 3 月 25 日收到中国证券监督管理委员 会（以下简称"中国证监会"）出具的《关于宁德时代新能源科技股份有限公 ...

Investment Rating - The report maintains an "Overweight" investment rating for the company [1][6]. Core Insights - In 2024, the company achieved revenue of 362.01 billion yuan, a year-on-year decrease of 9.70%, while net profit attributable to shareholders was 50.75 billion yuan, an increase of 15.01% year-on-year [4]. - The company continues to lead the global market in battery sales, with lithium battery sales reaching 475 GWh in 2024, a year-on-year increase of 22% [4]. - The company has a robust production capacity, with a utilization rate of 76.33% in 2024 and plans for additional capacity of 219 GWh [5]. - The company is expected to see significant growth in revenue and net profit from 2025 to 2027, with projected revenues of 431.12 billion yuan, 514.89 billion yuan, and 612.93 billion yuan, respectively [6]. Company Overview - The latest closing price of the company's stock is 256.00 yuan, with a total market capitalization of 112.73 billion yuan [3]. - The company has a debt-to-asset ratio of 69.3% and a price-to-earnings ratio of 21.71 [3]. - The largest shareholder is Xiamen Ruiting Investment Co., Ltd. [3]. Financial Projections - The company is projected to achieve a net profit of 64.93 billion yuan in 2025, representing a year-on-year growth of 27.95% [6]. - The expected earnings per share (EPS) for 2025 is 14.74 yuan, with a price-to-earnings (P/E) ratio of 17.36 [9].

盈利预测与投资建议 ⚫ 根据年报我们调整盈利预测，上调出货量，预计 2025、2026、2027 年公司归母净 利润 657.48、798.91、951.51 亿元（原预测值为 25、26 年 648、769 亿元），对 应 25-27 年 PE 17.6、14.4、12.1 倍，根据可比公司估值，给予公司 25 年 24 倍 PE，目标价 358.32 元，维持"买入"评级。 宁德时代 300750.SZ 公司研究 | 年报点评 业绩符合预期，海外进展顺利 核心观点 风险提示 新能源汽车销量不达预期；行业竞争加剧风险；新产品和新技术开发风险；原材料价格 波动风险；价格波动导致的盈利水平下降风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 400,917 | 362,013 | 490,618 | 572,537 | 675,005 | | 同比增长 (%) | 22.0% | -9.7% | 35.5% | 16.7% | 17.9% | | ...