Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Insights - The company reported a revenue of 362.01 billion yuan for 2024, a year-on-year decline of 9.7%, while the net profit attributable to shareholders was 50.74 billion yuan, reflecting a growth of 15.0% [1]. - The company plans to distribute a cash dividend of 45.53 yuan per 10 shares (including tax), with total dividends accounting for 50% of the net profit for 2024 [1]. - The production capacity utilization rate is at 76%, with expectations for an increase in the second half of the year, and total capacity projected to reach 676 GWh by the end of 2024 [1][3]. - The sales volume of lithium batteries reached 475 GWh in 2024, marking a year-on-year increase of 21.79% [1]. Summary by Sections Business Segments - The sales volume of power batteries in Q4 2024 was 125 GWh, with a unit price of 0.62 yuan/Wh, showing a quarter-on-quarter decrease of 7% [2]. - The gross margin for power batteries improved to 23.2%, up by 3.7 percentage points from the previous quarter, driven by product structure upgrades [2]. - The sales volume of energy storage batteries in Q4 2024 was 20 GWh, with a unit price of 0.55 yuan/Wh, reflecting a quarter-on-quarter decrease of 7% [2]. Competitive Advantage - The company is enhancing its product matrix with new offerings such as the Xiaoyao and Tianxing batteries, which are expected to support over 30 vehicle models and drive growth in 2025 [3]. - The demand for energy storage solutions is anticipated to rise due to the increasing need for data centers powered by AI, which require high energy density and continuous power supply [3]. Financial Forecast and Valuation - The company’s revenue is projected to recover to 457.18 billion yuan in 2025, with a growth rate of 26.29% [7]. - The net profit forecast for 2025 is 65.64 billion yuan, representing a growth rate of 29.36% [7]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 17 for 2025, 14 for 2026, and 12 for 2027, indicating a favorable valuation outlook [3][7].

产能利用率提升，产品矩阵巩固优势 ——宁德时代（300750.SZ）2024 年年报点评 2025 年 3 月 18 日 公司研究 要点 宁德时代 2024 年收入 3,620.1 亿元，同比下滑 9.7%；归母净利润 507.4 亿 元，同比增长 15.0%。公司每 10 股派发现金分红 45.53 元（含税），24 年年 末分红及特别分红总额合计占 2024 年度合并报表归母净利润的 50%。 产能利用率饱满，景气度高。公司 24 年锂电池销量 475GWh，同比增长 21.79%。盈利能力方面，24 年动力电池毛利率 23.94%，同比提升 5.81pct； 储能电池毛利率 26.84%，同比提升 8.19pct。公司产能利用率 76%，下半年 提升至较高水平，24 年底产能 676GWh，在建产能 219GWh，产能扩张提升增 长预期。 质保金会计政策调整影响表观毛利率。根据公司年报，质保金会计政策变更调 整对 24 年营业成本和销售费用影响预计在 118.4 亿元，占 Q4 营收比例为 11.5%，占 24 年营收比例为 3.3%。 分业务：动力电池产品结构升级提升盈利。根据公司 24 年年报以及 ...

获宁德时代25亿元战略投资 蔚来直线拉升 股价大涨 超17% 据蔚来公众号消息，3月17日晚，蔚来与宁德时代在福建宁德签署战略合作协议。双方将通过构建 覆盖全系乘用车的换电网络、统一行业技术标准、深化资本与业务合作，为广大用户提供更高效的能源 解决方案，引领新能源汽车产业迈向高质量发展新阶段。 在此基础上，双方将进行资本合作，宁德时代正在推进对蔚来能源不超过25亿元人民币的战略投 资，进一步巩固双方战略合作伙伴关系。双方通过技术互通、资本和商务合作等方式，实现「1+1>2」 的产业贡献。 蔚来高级副总裁沈斐与宁德时代换电业务总经理杨峻代表双方签约。蔚来创始人、董事长、CEO李 斌与宁德时代创始人、董事长兼CEO曾毓群现场见证。蔚来CFO曲玉，蔚来高级副总裁曾澍湘，宁德时 代市场体系联席总裁韩伟，宁德时代首席投资官王红波，宁德时代CFO郑舒等出席签约仪式。 根据协议，双方基于全球汽车产业转型升级趋势，发挥双方在相关领域所拥有的技术、管理、平 台、品牌资源等优势，旨在打造全球规模最大、技术最领先的乘用车换电服务网络。响应国家新能源汽 车发展战略规划，双方将在统一电池标准的基础上，深化换电网络共享，推动换电服务的普 ...

Core Viewpoint - NIO and CATL signed a strategic cooperation agreement to develop the world's largest and most advanced battery swapping service network for passenger vehicles, responding to the national strategy for new energy vehicles [1] Group 1: Strategic Cooperation - The agreement aims to leverage both companies' technological, managerial, platform, and brand resources to enhance the battery swapping service network [1] - The collaboration will focus on standardizing battery specifications to promote the sharing of battery swapping networks and improve service accessibility [1] Group 2: Network Development - CATL will support the development of NIO's battery swapping network, with future models under NIO's Firefly brand adopting CATL's battery swapping standards and network [1] - The battery swapping network will operate on a "dual network" model, providing a more convenient and efficient experience for battery swapping users, thereby enhancing the convenience of electric travel [1]

Summary of CATL Conference Call Company and Industry Overview - The conference call focuses on CATL (Contemporary Amperex Technology Co., Limited), a leading player in the lithium battery and energy storage industry, particularly in the context of its Q1 2025 financial performance and future strategies [3][4]. Key Points and Arguments - **Financial Performance**: CATL reported high growth rates and strong industry chain positioning in Q1 2025, despite overall market sentiment being somewhat suppressed. Profit levels were outstanding, although profits and revenues fell short of expectations due to rising inventory levels and the process of inventory destocking [3][4]. - **Capital Expenditure**: The company achieved a two-year high in capital expenditure in Q4, nearing 10 billion, indicating preparations for future demand growth and significant stock buybacks to fill capital gaps and strengthen investment frameworks [4][7]. - **Strategic Partnerships**: CATL has established deep collaborations with key technology suppliers like Fulin Precision and Defu Technology to ensure technological innovation and product capability enhancement [3][4][7]. - **Tesla's New Storage Facility**: Tesla's announcement of building the world's third-largest energy storage facility in Texas is seen as a positive development for CATL and other lithium battery companies, reinforcing CATL's global leadership and potentially prompting a market reevaluation of related company valuations [4][5][16]. - **European Market Dynamics**: The rise of right-wing forces in Europe and Germany's significant fiscal stimulus policy are expected to create new opportunities for Chinese manufacturing, stimulating economic growth and increasing export opportunities for Chinese companies [4][6][17]. - **Overall Energy Solutions**: CATL aims to provide comprehensive energy storage solutions rather than just battery sales, collaborating with Australian operators to develop exchange-side storage solutions and investing in Xinyang New Energy to enhance project development capabilities [10][12]. - **Zero Carbon Microgrid Projects**: The company is developing zero-carbon microgrid projects in various locations to incubate new business models and meet future green tariff export demands [11][12]. - **Market Confidence Issues**: There is a lack of pricing confidence in the lithium battery industry, but collaborations with Tesla and European fiscal stimulus policies may serve as pivotal turning points for market perception and valuation of CATL [4][14]. - **Strategic Investments**: CATL is focusing on strategic investments in core suppliers and expanding its market presence, particularly in the energy storage sector, to address its current limitations in PCS capabilities [13][18]. Other Important Insights - **Technological Edge**: CATL's approach to securing core supplier partnerships and applying new materials ensures its competitive advantage in battery system design, distinguishing it from competitors like BYD [8][9]. - **Global Demand Growth**: The company anticipates a significant increase in global energy storage demand in 2025, driven by infrastructure stimulus in Europe and collaborations with companies like Sungrow [12][17]. - **New Industry Paradigms**: The evolving cooperation paradigms between China and Europe, as well as between China and the U.S., are expected to bring new opportunities for the lithium battery industry, with significant developments anticipated in 2025 [18].

Group 1 - The establishment of Yifeng Runan New Energy Co., Ltd. and Yibin Runming New Energy Co., Ltd. has been reported, both of which are led by the same legal representative, Dai Wei [1] - The business scope of both companies includes battery sales, IoT technology research and development, IoT technology services, and IoT application services [1] - Both companies are indirectly wholly owned by CATL (Contemporary Amperex Technology Co., Limited) [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a net profit of 50.745 billion yuan in 2024, representing a year-on-year increase of 15%. However, revenue decreased by 10% to 362.013 billion yuan. The gross margin improved to 24.44%, up by 5.25 percentage points year-on-year, while the net margin increased to 14.92%, up by 3.26 percentage points [1][8] - The company maintained its leading position in the global power battery market, with a sales volume of 381 GWh in 2024, a year-on-year increase of 19%. The gross margin for power batteries was 23.94%, up by 5.81 percentage points [2][20] - The company is accelerating its capacity expansion and global layout, with a total planned capacity of 895 GWh by the end of 2024, an increase of 96 GWh from the first half of 2024 [3][24] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 362.013 billion yuan, down 10% year-on-year, and a net profit of 50.745 billion yuan, up 15%. The gross margin was 24.44%, and the net margin was 14.92% [1][8] - For Q4 2024, the company achieved revenue of 1029.68 billion yuan, a decrease of 3% year-on-year but an increase of 12% quarter-on-quarter. The net profit for Q4 was 147.44 billion yuan, up 14% year-on-year and 12% quarter-on-quarter [1][8] Market Position - The company continues to lead the global power battery market with a market share of 37.9%, and it has maintained its position as the top supplier for eight consecutive years [2][20] - The company also leads the global energy storage battery market, achieving a sales volume of 94 GWh in 2024, a year-on-year increase of 36% [2][26] Capacity Expansion - The company’s battery production capacity reached 676 GWh by the end of 2024, with an additional 219 GWh under construction, totaling a planned capacity of 895 GWh [3][24] - The company is actively expanding its global footprint, with production facilities in Germany, Hungary, Spain, and Indonesia [3][24] Future Outlook - The company has raised its profit forecast, expecting net profits of 66.202 billion yuan, 81.466 billion yuan, and 96.820 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 31%, 23%, and 19% [33]

公司动力电池领先地位稳固，盈利能力表现稳定。公司 2024 年动力电池销 量为 381GWh、同比+19%，连续八年蝉联全球动力电池装机量首位。2024 年 公司动力电池毛利率 23.94%、同比+5.81pct；单位毛利 0.16 元/Wh、同比基 本稳定。公司动力电池产品持续迭代升级，推出麒麟电池、神行电池、骁遥 电池、天行电池等产品满足乘用车与商用车不同场景客户需求。 公司储能电池盈利能力强劲，海外客户加速开拓。公司 2024 年储能电池销 量 94GWh、同比+36%；连续 4 年位列全球第一。2024 年公司储能电池系统毛 利率 26.84%、同比+8.19%；单位毛利 0.16 元/Wh、同比微增。公司海外客户 持续取得新进展，2025 年以来，公司接连斩获阿联酋 RTC 19GWh 储能项目、 Quinbrook 澳大利亚 3GW/24GWh 储能项目等大单，海外布局加速推进。 公司产能扩张加速，全球化布局生产基地。公司 2024H2 电池产量为 305GWh、 估计产能利用率超 9 成；需求向好背景下公司加速产能扩张。截至 2024 年 末，公司产能 676GWh、在建产能 219GWH，总规 ...

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 宁德时代（300750）公司年报点评 2025 年 03 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 17日收盘价（元）] | 256.00 | | --- | --- | | 52 周股价波动（元） | 166.80-301.50 | | 总股本/流通 A 股（百万股） | 4403/3903 | | 总市值/流通市值（百万元） | 1127269/999054 | | 相关研究 | | [Table_ReportInfo] 《宁德时代与 Stellantis 合建西班牙工厂，披 露 24 年特别分红方案》2024.12.11 《Q3 毛利率提升明显，加回减值后业绩亮眼》 2024.10.21 《动储龙头地位稳固，盈利能力稳中向好》 2024.07.31 市场表现 [Table_QuoteInfo] -13.07% 1.93% 16.93% 31.93% 46.93% 2024/3 2024/6 2024/9 2024/12 宁德时代 海通综 ...