Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, showcasing strong profitability resilience with a revenue of 362 billion yuan in 2024, a 9.7% year-on-year decline, while net profit increased by 15% to 507 billion yuan [4][7] - The company is entering a new innovation cycle, supported by a solid global competitive position and an increase in new model partnerships [7][27] Financial Performance Summary - In 2024, the company achieved total revenue of 362 billion yuan, with a gross margin of 24.4%, and a net profit margin of 14.0% [7][8] - Battery shipments reached 475 GWh, a 22% increase year-on-year, with significant growth in both power and energy storage batteries [10][34] - The company plans to expand production capacity steadily, with a total capacity of 676 GWh and a utilization rate of 76% in 2024 [19][34] Market Position and Competitive Landscape - The company holds a 37.9% share of the global power battery market and a 45.1% share in the domestic market, indicating a strong competitive position [7][33] - The number of new models supported by the company increased by 100 compared to 2023, enhancing its market presence [7][41] Future Outlook - The company expects to see a rebound in battery prices and continued growth in global electric vehicle sales, leading to an upward revision of profit forecasts for 2025-2027 [7][48] - The company plans to distribute over 250 billion yuan in cash dividends, reflecting a payout ratio of 50% [7][23]

上 市 公 司 电力设备 2025 年 03 月 17 日 宁德时代 (300750) ——业绩符合预期，迎新一轮创新周期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 14 日 | | --- | --- | | 收盘价（元） | 262.00 | | 一年内最高/最低（元） | 301.50/166.80 | | 市净率 | 4.9 | | 股息率%（分红/股价） | 2.39 | | 流通 A 股市值（百万元） | 1,022,470 | | 上证指数/深证成指 | 3,419.56/10,978.30 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 56.08 | | 资产负债率% | 65.24 | | 总股本/流通 A 股（百万） | 4,403/3,903 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 03-14 04-14 05-14 06-14 07-14 08-14 09-14 10-14 11 ...

| 产业别 | | 电气设备 | | --- | --- | --- | | A 股价(2025/3/14) | | 262.00 | | 深证成指(2025/3/14) | | 10978.30 | | 股价 12 个月高/低 | | 300.06/166 | | 总发行股数(百万) | | 4403.39 | | A 股数(百万) | | 3902.56 | | A 市值(亿元) | | 10224.70 | | 主要股东 | | 厦门瑞庭投资 | | | | 有限公司 | | | | (23.27%) | | 每股净值(元) | | 56.08 | | 股价/账面净值 | | 4.67 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -2.9 | -1.5 45.1 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2024-12-25 | 268 | 买进 | | 产品组合 | | | 2025 年 3 月 17 日 沈嘉婕 H70455@capital.com.tw 目标价(元) RMB 308 公司基本资讯 | 动力电池 | 70 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% from the current price [3][15]. Core Insights - The company reported a total revenue of RMB 362 billion and a net profit of RMB 50.7 billion for 2024, reflecting a year-on-year growth of 15%. The gross margin improved by 5.3 percentage points to 24.4% [7][14]. - The company maintains a leading market share in both power batteries and energy storage batteries, with a global market share of 37.9% and 36.5% respectively in 2024 [7][10]. - The company plans to expand its production capacity significantly, with over 200 GWh under construction and ongoing projects in various locations, including domestic and international sites [9][10]. Company Overview - The company operates in the electrical equipment industry, with a current stock price of RMB 262 as of March 14, 2025, and a target price of RMB 308 [2]. - Major shareholders include Xiamen Ruitian Investment Co., Ltd., holding 23.27% of shares [2]. - The company has a total market capitalization of RMB 102.25 billion [2]. Financial Performance - The company’s net profit is projected to grow to RMB 64.6 billion in 2025, with a year-on-year increase of 27.4% [14]. - Earnings per share (EPS) are expected to rise to RMB 14.7 in 2025, reflecting a 27.4% increase from the previous year [14]. - The company’s price-to-earnings (P/E) ratio is projected to be 18 for 2025, indicating a favorable valuation compared to future earnings [13][14]. Market Trends - The electric vehicle market is expected to see a penetration rate of 80% to 90% by 2030, with a global growth trend of approximately 25% in the coming years [10]. - The energy storage market is anticipated to grow at a rate of 25% to 30% over the next 3-5 years, outpacing the growth of power batteries [10]. - The company is not engaging in price competition but aims to reduce costs through technological innovation [10].

证券研究报告 业绩符合预期，动储市场持续扩张 请务必阅读报告末页的重要声明 glzqdatemark1 2025年03月16日 证券研究报告 |报告要点 公司发布 2024 年年度报告，2024 年实现营业收入 3620 亿元，同比减小 9.7%，主要系碳酸锂 等原材料价格下降带动公司产品价格下降；实现归母净利润 507 亿元，同比增长 15.0%；实现 扣非归母净利 450 亿元，同比增长 12.2%。 公司 2024Q4 实现营业收入 1030 亿元，同比-3%， 环比+12%，归母净利润为 147 亿元，同比+14%，环比+12%，符合预期，公司净利稳步增长。 |分析师及联系人 SAC：S0590524110005 非金融公司|公司点评|宁德时代（300750） 请务必阅读报告末页的重要声明 1 / 5 张磊 瞿学迁 非金融公司|公司点评 glzqdatemark2 2025年03月16日 宁德时代(300750) 业绩符合预期，动储市场持续扩张 | 行 业： | 电力设备/电池 | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 262.00 元 | | 基本数据 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [2][8]. Core Views - The company is experiencing steady growth in global market share and robust performance, with a projected increase in earnings per share (EPS) to 14.37 yuan and 17.33 yuan for 2025 and 2026, respectively [5][7]. - The demand for lithium batteries is expected to grow significantly due to the increasing penetration of new energy vehicles and the rising need for energy storage solutions driven by renewable energy development and new data centers [7][8]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 3620.13 billion yuan, a year-on-year decrease of 9.70%. The lithium battery shipment volume reached 475 GWh, a year-on-year increase of 21.79% [5]. - The net profit attributable to shareholders was 507.45 billion yuan, reflecting a year-on-year growth of 15.01% [5]. - The operating cash flow for 2024 was 969.9 billion yuan, an increase of 4.49% year-on-year, with cash reserves reaching 3035.12 billion yuan, up 14.83% [5]. Profitability - The company's gross margin for 2024 was 24.44%, up 1.53 percentage points year-on-year, while the net margin was 14.92%, an increase of 3.26 percentage points [5]. - The unit profit for batteries remained resilient at 0.11 yuan/Wh [5]. Research and Development - R&D expenses for 2024 were 186.07 billion yuan, a year-on-year increase of 1.37%, with an R&D expense ratio of 5.14% [5]. - The company maintains a leading position in the market with a 37.9% share in power batteries and a 36.5% share in energy storage batteries [5]. Capacity and Expansion - The company's production capacity utilization rate increased significantly in the second half of 2024, reaching 76.33% by year-end, with ongoing construction of additional capacity both domestically and internationally [5][6]. - The company is planning to issue H-shares to further its global expansion strategy, aiming to enhance its international competitiveness [7].

Summary of the Conference Call Transcript Company Overview - **Company**: Ningde Times (300750.SZ) - **Industry**: Battery and Energy Management Key Financial Metrics - **2024 Revenue**: 362 billion CNY, down 9.7% YoY [3] - **2024 Net Profit**: 50.7 billion CNY, up 15.0% YoY [3] - **2024 Q4 Net Profit**: 14.7 billion CNY, up 13.6% YoY, up 12.2% QoQ [3] - **2024 Operating Cash Flow**: Approximately 97 billion CNY, up 4.49% YoY [3] - **2024 Gross Margin**: 24.44%, up 5.26 percentage points YoY [3] - **2024 Q4 Gross Margin**: 15.04%, down 16.1 percentage points QoQ [3] Performance Insights - **Quarterly Performance**: Q4 2024 net profit and revenue met market expectations, with a notable increase in quarterly performance compared to Q3 [3] - **Impact Factors**: Q4 gross margin affected by accounting adjustments, delayed overseas shipments, and reduced export tax rebates [3] - **Capacity Utilization**: Significant increase in capacity utilization from approximately 65.33% in H1 2024 to about 86.40% in H2 2024 [3] Business Segments - **Power Battery System Revenue**: 253 billion CNY, down 11.29% YoY, with a gross margin of 23.94% [3] - **Energy Storage Battery System Revenue**: 57.3 billion CNY, down 4.36% YoY, with a gross margin of 26.84% [3] - **Battery Materials and Recycling Revenue**: 28.7 billion CNY, down 14.59% YoY, with a gross margin of 10.51% [3] - **Battery Mineral Resources Revenue**: 5.49 billion CNY, down 28.98% YoY, with a gross margin of 8.53% [3] Market Position and Strategy - **Global Market Share**: 37.9% in global power battery installations, up 1.3 percentage points YoY [3] - **International Expansion**: Plans for H-share issuance to enhance international capital operations and accelerate global business expansion [3] - **Investor Returns**: 2024 cash dividends of approximately 20 billion CNY, representing 50% of net profit, aimed at enhancing shareholder value [4] Future Outlook - **2025 Projections**: Expected overall shipment volume of 650 GWh, up 37% YoY, driven by stable demand in the new energy vehicle sector and increasing energy storage needs [3] - **Profitability**: Anticipated stable profit levels with a higher proportion of high-end battery sales in 2025 [3] Risks - **Potential Risks**: Include lower-than-expected sales of new energy vehicles, significant price declines in power batteries, raw material price volatility, and geopolitical risks affecting overseas operations [6] Investment Recommendation - **Rating**: Maintain "Buy" rating with a target price of 355 CNY, based on a projected PE ratio of 23x for 2025 [6]

Investment Rating - The report maintains a "Buy" rating for CATL (300750.SZ) with a target price of Rmb367.00, indicating an upside potential of 40.1% from the current price of Rmb262.00 [1][16]. Core Insights - CATL's 2024 earnings were in line with expectations, reporting a revenue of Rmb362.0 billion, down 10% year-on-year, and a net profit of Rmb50.7 billion, up 15% year-on-year [1]. - The weakness in unit gross profit (GP) in 4Q24 is attributed to product mix volatility, with expectations for recovery in subsequent quarters as the product mix improves [2][20]. - The company announced a cash dividend of Rmb25.4 billion for 2024, implying a payout ratio of approximately 50%, which is expected to be sustainable, providing dividend yields of around 3% to 6% from 2025 to 2027 [3]. Summary by Sections Financial Performance - CATL's implied 4Q24 revenue decreased by 3% year-on-year, while net profit increased by 14% year-on-year [1]. - The company revised down its net profit forecasts by 4% to 5% for 2025-2027, primarily due to US tariffs and increased R&D expenses, but still remains 19% to 42% above consensus estimates [5][17]. Market Position and Outlook - CATL has underperformed its peers year-to-date, but potential stock drivers include strong monthly battery shipments, unit GP expansion, and stronger-than-expected demand for new energy vehicles (NEVs) in the EU [4]. - The report highlights that CATL's unit GP is expected to recover in 2025, supported by a sustainable product mix improvement and cost savings from higher utilization rates [20]. Key Data and Valuation - The market capitalization of CATL is Rmb1.1 trillion (approximately $158.8 billion), with an enterprise value of Rmb888.9 billion (approximately $123.0 billion) [6]. - The report provides forecasts for revenue growth, estimating a total revenue of Rmb477.9 billion in 2025, with a projected EBITDA of Rmb107.9 billion [6][15]. - The expected P/E ratios for 2025-2027 are 15x, 10.9x, and 8.7x, compared to a historical average of 33x, indicating that CATL is currently trading at cyclical lows [17].

Financial Performance - In 2024, the company achieved a total revenue of 362 billion CNY and a net profit of 50.7 billion CNY, representing a year-on-year growth of 15% [2] - The comprehensive gross margin increased to 24.4%, up by 5.3 percentage points year-on-year [2] - Operating cash flow reached 97 billion CNY, with cash reserves exceeding 300 billion CNY at the end of the period [2] Market Position - The company maintained its leading position in the power battery and energy storage battery markets, with a global market share of 37.9% in power batteries and 36.5% in energy storage batteries in 2024 [2][3] - The company has ranked first in global power battery usage for eight consecutive years and in energy storage battery shipments for four consecutive years [2] Growth Expectations - The domestic electric vehicle market is expected to reach an electrification rate of 80%-90% by 2030, with a strong growth trend anticipated [4] - The European market is also projected to grow rapidly, supported by competitive vehicle models and favorable policies [4] - The energy storage market is expected to benefit from new supportive policies and maintain good growth rates in the U.S. and Europe [4] Product Development - The company is innovating with new products like the Shenxing and Kirin batteries, with expected shipment proportions increasing from 30%-40% to 60%-70% in 2025 [4] - The company is developing second-generation sodium batteries, which are nearing performance parity with lithium iron phosphate batteries [8] Operational Efficiency - The company's capacity utilization rate improved by 20% in the second half of 2024, reaching an annual rate of 76.3% [11] - The company is actively managing inventory levels, with an increase attributed to longer logistics times due to rising overseas orders [15] Strategic Investments - The company is investing in strategic partnerships, such as with Jiangxi Shenghua, to enhance cooperation in lithium battery materials [16] - The Hungarian factory is progressing well, with the first phase expected to produce modules by the end of 2025 [18]

摘要 宁德时代 20250314 • 宁德时代 2024 年期末货币资金超 3,000 亿元，动力电池使用量连续八年 全球第一，2024 年全球市场占率为 37.9%，储能电池出货量连续四年全 球第一，2024 年全球市场占率为 36.5%，市场地位稳固。 • 公司研发投入巨大，拥有六大研发中心和超过 2 万名研发人员，专利及专 利申请合计达 43,354 项，平均每 1.58 个小时诞生一项专利，技术创新能 力强劲，为产品迭代和市场拓展提供支撑。 • 宁德时代持续推出创新产品，如麒麟电池和神行电池已在多款车型上大规 模量产，新一代麒麟高功率电池放电功率超 1,300 千瓦，神行 plus 电池 实现 1,000 公里续航，提升了电动汽车的性能和用户体验。 • 公司商用车动力电池销量同比增长 98%，中重卡动力电池销量同比增长 144%，并推出天行 L 超充系列和天行重型商用版等解决方案，满足不同 应用场景需求，市场份额显著提升。 • 宁德时代积极布局储能市场，成为阿联酋 RTC19 数据中心项目的首选供 应商，并与 Queen Brook 合作开发澳大利亚储能项目，推出 PU100 储能 产品，满足数据中心 ...