Global Energy Storage Contemporary Amperex Technology Co Ltd Rating Outperform Price Target 300750.CH 600.00 CNY (530.00 OLD) 3750.HK 580.00 HKD (530.00 OLD) CATL: A winner in the age of energy disruption The LT consequences of energy disruption in the Middle East is an acceleration of the electrification megatrend. This is positive for CATL, the world's leading battery maker. CATL's revenue is expected to grow 40% to RMB595bn in 2026, supported by 32% battery sales volume growth. Despite a slowdown in Chin ...

2026 年 03 月 23 日 宁德时代发布 2025 年年度报告：2025 年实现营业收入约 4237 亿元，同比增长 17.04%；归母净利润约 722 亿元，同比 增长 42.28%；扣非归母净利润约 645 亿元，同比增长 43.37%。 投资要点 ▌ 动力电池需求强劲，稳居龙头地位 受益于新能源在售车型数量增加、智能化加速、充换电基础 设施持续完善等因素，全球新能源车市场需求持续增长。新 能源车销量增长、单车带电量提升带动动力电池需求持续增 长，2025 年公司实现动力电池销量 541GWh，同比增长 41.85%，全球市占率提升至 39.2%，创历史新高，连续 9 年 位居全球第一，行业龙头地位进一步稳固。 ▌ 数据中心等新型需求带动储能业务爆发 在全球电力需求增长、低碳转型趋势下，全球储能市场需求 快速增长，人工智能、数据中心等新兴应用场景亦成为重要 的增量来源。2025 年公司实现储能电池销量 121GWh，同比增 长 29.13%，储能电池出货量连续 5 年位居全球第一，持续构 建储能系统解决方案和服务能力。公司深度整合全球供应链 资源，提升储能系统整站优化与工程设计能力，系统集成业 务全 ...

| [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 362,013 | 423,702 | 640,333 | 774,153 | 864,553 | | 同比（%） | (9.70) | 17.04 | 51.13 | 20.90 | 11.68 | | 归母净利润（百万元） | 50,745 | 72,201 | 94,035 | 116,766 | 142,839 | | 同比（%） | 15.01 | 42.28 | 30.24 | 24.17 | 22.33 | | EPS-最新摊薄（元/股） | 11.12 | 15.82 | 20.60 | 25.58 | 31.30 | | P/E（现价&最新摊薄） | 37.14 | 26.11 | 20.04 | 16.14 | 13.20 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司深度研究·电池 宁德时代（300750） 技术迭代 ...

2026年3月，全球人工智能产业进入了从"模型竞赛"向"成本竞赛"转轨的关键节点。随着DeepSeek、 千问、MinMax、智谱、豆包、Kimi、文心一言等 中国 大模型调用量呈指数级暴涨，一个深刻的 产业共识正在形成 ，根据 OpenRouter最新数据显示，更新至2026年3月15日，中国AI大模 型周调用量连续数周力压美国。中国AI大模型的周调用量上升至4.69万亿Token，较此前一周 上涨11.83%；美国AI大模型周调用量为3.294万亿Token，环比下滑9.33%。 资本 市场 敏 锐地发现： 全球 AI 的竞争，终局是算力的竞争 ， 而算力的竞争，本质是能源成本的竞争 ， 中国科技正在主导全球 Token定价权！ Token→算力→数据中心→电力→储能 ， 这一 硬核 逻辑直接点燃了资本市场对储能板块的 价值重塑。 本周五 ， 宁德时代（ 03750.HK） 港股股价创下 港股上市以来 新高， 与此同 时，港股 A I储能三巨头宁德时代、中创新航、果下科技， 都 交出了远超 机构 预期的 2025 年 漂亮成绩 单 。储能板块亮眼表现和 业绩大超预期的背后，是一个被重塑的估值逻辑 —— 储 ...

Market Performance - The Hang Seng Index closed down by 0.88% while the Tech Index fell by 2.48% [1] - Notable gainers included Contemporary Amperex Technology Co., Ltd. (Ningde Times) and Li Ning, both rising over 8% [1] - Geely Automobile saw an increase of nearly 6.5% [1] - In contrast, Xiaomi Group experienced a decline of over 8.5%, and Alibaba fell by more than 6% [1]

布局港股通汽车产业链，建议重点关注港股通汽车ETF华宝（520780），标的指数聚焦整车，同时覆盖 汽车零部件、工业金属等细分赛道，同时受益于汽车消费高景气、智能驾驶L3-L4加速落地以及机器人 红利外溢等多重利好，同时重仓小鹏、比亚迪、理想、吉利等稀缺港股智驾龙头。 数据来源：沪深交易所等。 风险提示：港股通汽车ETF华宝被动跟踪中证港股通汽车产业主题指数，该指数基日为2016.12.30，发 布日期为2022.07.21，指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来 表现。文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金 的持仓信息和交易动向。基金管理人评估的该基金风险等级为R4-中高风险，适宜积极型（C4）及以上 投资者。任何在本文出现的信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表 述等）均只作为参考，投资人须对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预测 不构成对阅读者任何形式的投资建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。基 金投资有风险，基金的过往业绩并不代表其未来表现，基金管理人 ...

宁德时代(03750):升目标价至655港元,评级"与大市同步" 摩根士丹利发布研报称，已更新宁德时代(03750)的风险回报预测，其去年业绩表现胜该行预期7%，因此 上调了集团今年及以后的盈利预测。更重要的是，受惠于资本效率提升，公司净现金状况较预期更强劲。大摩 亦上调了集团储能电池出货量的假设，以反映在全球电力容量短缺背景下，因推理需求增长所驱动的、来自AI 数据中心的潜在机会。基于EV/EBITDA方法，叠加人民币升值，大摩将宁德时代H股目标价上调12%，从585港元 升至655港元，评级"与大市同步"。 摩根士丹利 ...

March 18, 2026 06:17 AM GMT Contemporary Amperex Technology Co. Ltd. | Asia Pacific The Center of Structural Energy Themes CATL sits at the intersection of Powering AI, energy security and global electrification toward sodium-ion batteries. Key Takeaways CATL is central to national energy security agenda. Energy storage plays a critical role in reducing reliance on imported fossil fuels globally, by enabling higher penetration of renewables and stabilizing the power system. In particular, sodium-on battery ...

港交所消息：3月13日， 摩根大通 公司持有的 宁德时代 （CATL）H股（代码：3750.HK）空头头寸从 6.67%增至7.31%。 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 423.7 billion yuan for 2025, representing a year-on-year increase of 17%. The net profit attributable to shareholders was 72.2 billion yuan, up 42% year-on-year. The non-recurring net profit was 64.5 billion yuan, also up 43% year-on-year. The gross margin stood at 26.3%, with a return on equity (ROE) of 21.4% [1] - In Q4 2025, the company achieved a revenue of 140.6 billion yuan, a 37% increase year-on-year and a 35% increase quarter-on-quarter. The net profit attributable to shareholders for this quarter was 23.2 billion yuan, up 57% year-on-year and 25% quarter-on-quarter, with a gross margin of 28.2% [1] - The company has seen a significant increase in orders, with contract liabilities reaching 49.2 billion yuan, a year-on-year increase of 76.9%. The total cash and trading financial assets amounted to 392.5 billion yuan, and the net operating cash flow for 2025 was 133.2 billion yuan, which is 1.8 times the net profit attributable to shareholders [1] Financial Forecast and Valuation - The company is expected to achieve revenues of 588.9 billion yuan, 704.6 billion yuan, and 851.0 billion yuan for 2026, 2027, and 2028 respectively, with year-on-year growth rates of 39%, 20%, and 21%. The net profit attributable to shareholders is projected to be 93.1 billion yuan, 113.9 billion yuan, and 136.0 billion yuan for the same years, with growth rates of 29%, 22%, and 19% respectively [2] - The three-year compound growth rate for net profit is estimated at 24%, with corresponding price-to-earnings (PE) ratios of 20, 16, and 13 for the years 2026, 2027, and 2028 [2] Business Segments - In the power battery segment, revenue is expected to reach 316.5 billion yuan in 2025, a 25% year-on-year increase, with a gross margin of 24%. The sales volume is projected to be 541 GWh, a 42% increase year-on-year, with global and overseas market shares rising to 39% and 30% respectively [10] - The energy storage battery segment is anticipated to generate revenue of 62.4 billion yuan in 2025, a 9% year-on-year increase, with a gross margin of 26.7%. The sales volume is expected to be 121 GWh, up 29% year-on-year [10] - The company is expanding its production capacity significantly, with a total battery system capacity of 772 GWh in 2025 and a utilization rate of 96.9%. The company is also advancing its overseas production capabilities and exploring new fields such as low-altitude and marine applications [10]