宁德时代：盈利能力提升，海外进展顺利

Investment Rating - The report maintains a "Buy" rating for the company [1] - The market price is reported at RMB 253.36, with a sector rating of "Outperform" [1] Core Insights - The company reported a net profit of RMB 36 billion for the first three quarters of 2024, reflecting a year-on-year growth of 15.59% [3] - The operating revenue for the first three quarters of 2024 was RMB 2590.45 billion, a decrease of 12.09% year-on-year [3] - The gross profit margin improved significantly, with a sales gross margin of 28.19% for the first three quarters, up 6.27 percentage points year-on-year [3] - The company’s global market share for power batteries reached 37.1% from January to August 2024, an increase of 1.6 percentage points year-on-year [3] - The company’s production capacity utilization is reported to be high, with overseas production facilities progressing well [3] Financial Summary - For 2024, the company is projected to achieve a revenue of RMB 363.31 billion, a decrease of 9.4% compared to 2023 [4] - The net profit for 2024 is estimated at RMB 51.06 billion, reflecting a growth of 15.7% [4] - The latest diluted earnings per share (EPS) is projected to be RMB 11.60 for 2024, with a price-to-earnings (P/E) ratio of 21.8 [4] - The EBITDA for 2024 is forecasted to be RMB 83.18 billion, with a significant increase in profitability metrics [4][6] Performance Metrics - The company’s gross profit for the first three quarters of 2024 was RMB 73.01 billion, with a gross margin of 28.19% [5] - The net profit margin for the same period was reported at 14.95%, an increase of 3.92 percentage points year-on-year [5] - The company’s return on equity (ROE) is projected to be 22.2% for 2024 [7]