交银国际研究 公司更新 | 电池 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 1 月 23 日 | | --- | --- | --- | --- | --- | --- | --- | | | 人民币 | 258.00 | 人民币 | 314.11↑ | +21.7% | | 宁德时代 (300750 CH) 盈利能力强劲，新技术和国际化布局助力景气度延续；维持买入 | 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结12月31日 | 2022 | 2023 | 2024E | 2025E | 2026E | | 收入 (百万人民币) | 328,594 | 400,917 | 361,000 | 441,723 | 477,305 | | 同比增长 (%) | NA | 22.0 | -10.0 | 22.4 | 8.1 | | 净利润 (百万人民币) | 30,729 | 44,121 | 50,004 | 61,857 | 67,358 | | 每股盈利 (人民币) | 7.18 | 11.79 | 13.3 ...

交银国际研究 公司更新 | 电池 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 1 月 23 日 | | --- | --- | --- | --- | --- | --- | --- | | | 人民币 | 258.00 | 人民币 | 314.11↑ | +21.7% | | 宁德时代 (300750 CH) 股份资料 | 52周高位 (人民币) | 299.00 | | --- | --- | | 52周低位 (人民币) | 140.75 | | 市值 (百万人民币) | 1,133,159.22 | | 日均成交量 (百万) | 25.04 | | 年初至今变化 (%) | (3.01) | | 200天平均价 (人民币) | 226.40 | | 资料来源 : FactSet | | 李柳晓, PhD, CFA 盈利能力强劲，新技术和国际化布局助力景气度延续；维持买入 个股评级 买入 | 财务数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | | 年结12月31日 | 2022 | 2023 | 2024E | 2025E ...

宁德时代（300750.SZ）2024 年年度业绩预告点评 业绩符合预期，多版图业务扩张彰显长期潜力 2025 年 01 月 22 日 事件。2025 年 1 月 21 日，公司发布 2024 年年度业绩预告。预计 2024 年， 公司实现营业收入 3560 亿元~3660 亿元，同比下降 11.2%-8.71%，归母净利 润 490-530 亿元，同比增长 11.06-20.12%。扣非后归母净利 440 亿元-470 亿 元，同比增长 9.75%-17.23%，公司 Q4 实现归母净利 130-170 亿元，实现扣 非净利 118.2-148.2 亿元，业绩符合预期，盈利能力持续稳定。 市占率继续提升。出货量同比增长，公司 24 年前三季度出货累计接近 330Gwh，四季度排产饱满，产能利用率高增，预计全年确认收入出货量约 480Gwh，去年同期约为 390Gwh，同比增速为 23%。市场占有率持续增长， 根据动力电池产业联盟数据显示，2024 年 1 月份至 12 月份公司国内动力电池 装车量市场份额为 45.08%，同比提升 1.89pct，排名第一，根据 SNE 数据 2024 年 1-11 月，全 ...

证券研究报告·公司点评报告·电池 宁德时代（300750） 2024 年业绩预告点评：Q4 业绩符合预期，25 年高景气度持续 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 328594 | 400917 | 365648 | 459584 | 536021 | | 同比（%） | 152.07 | 22.01 | (8.80) | 25.69 | 16.63 | | 归母净利润（百万元） | 30729 | 44121 | 50804 | 66065 | 80231 | | 同比（%） | 92.89 | 43.58 | 15.15 | 30.04 | 21.44 | | EPS-最新摊薄（元/股） | 6.98 | 10.02 | 11.54 | 15.00 | 18.22 | | P/E（现价&最新摊薄） | 37.86 | 26.37 | 22.90 | 17.61 | 14.50 | [Table_T ...

证券代码：300750 证券简称：宁德时代 公告编号：2025-003 宁德时代新能源科技股份有限公司 2024年年度业绩预告 本公司全体董事成员保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其 内容的真实性、准确性和完整性承担个别及连带责任。 一、本期业绩预计情况 1、业绩预告期间 2024年1月1日-2024年12月31日。 2、业绩预告情况 报告期内，公司营业收入同比下降，归属于上市公司股东的净利润同向上升，具体 如下： | 项 目 | 本报告期 | 上年同期 | | --- | --- | --- | | 营业收入 | 35,600,000 万元–36,600,000 万元 | 40,091,704.49 万元 | | | 比上年同期下降：11.20%–8.71% | | | 归属于上市公司股 东的净利润 | 盈利：4,900,000 万元–5,300,000 万元 | 盈利：4,412,124.83 万元 | | | 比上年同期增长：11.06%–20.12% | | | 归属于上市公司股 东的扣除非经常性 | 盈利：4,400,000 万元–4,700,000 万元 | 盈利：4, ...

今天早盘，宁德时代大涨5%，并带动各大指数反攻。据最新消息，近日，全球可再生能源和可持续城 市发展的领导者马斯达尔（Masdar）宣布，选择宁德时代作为其在阿联酋RTC（round the clock）项目 中的首选电池储能系统供应商。 周一早盘，市场反复上攻。首先带动大盘的是宁德时代，该股一度涨超5%，引领创业板指飙升2%。从 消息面上看，宁德时代出现重大利好。 近日，全球可再生能源和可持续城市发展的领导者马斯达尔（Masdar）宣布，宁德时代成功入选成为全 球最大太阳能和电池联合储能项目——阿联酋RTC（round the clock）首选电池储能系统供应商。 与此同时，A股一个关键指标突变。全市场呈多头排列的个股数量在上周五由跌转升。从以往的数据来 看，这一指标跌至100只附近时，往往会见底，而上周四该指标曾跌至这一水平线。上周五，虽然各大 指数涨幅不大，但多头排列个股数量出现超过20%的涨幅。这往往意味着后续市场将有积极变化。 利好来了 市场可能朝积极的方向演绎！ 据悉，该项目总投资超60亿美元，包括总容量达19GWh的电池储能项目以及5.2GW的光伏项目。项目 建成后，将成为全球首个全天候大型发电项 ...

该项目建成后，将成为全球首个全天候大型发电项目，能实现每天24小时不间断清洁发电1GW。 证券时报e公司讯，近日，全球可再生能源和可持续城市发展的领导者马斯达尔（Masdar）宣布，选择 宁德时代作为其在阿联酋RTC（round the clock）项目中的首选电池储能系统供应商。 阿联酋RTC项目是全球迄今为止最大的太阳能和电池联合储能项目，包括总容量达19GWh的电池储能 项目，以及5.2GW的光伏项目，总投资超60亿美元。 ...

Key Points - The US Department of Defense has added Tencent, CATL, SenseTime, CloudWalk, and other Chinese tech companies to the 1260H list (Chinese Military Companies List, CMC list) [1] - Tencent stated that being included in the list is a mistake as it is not a military or defense supplier and the listing has no impact on its business [1][2] - Tencent plans to initiate a reconsideration process and may take legal action to remove itself from the list [2] - CATL responded that it has never been involved in any military-related business and the listing has no significant impact on its operations [2] - CATL will actively communicate with the US Department of Defense and may take legal action to protect its interests [2] - SenseTime stated that the listing is unfounded and has no substantial impact on its business [3] - SenseTime will actively communicate with relevant parties to ensure fair treatment and protect its interests [3] - CloudWalk denied the allegations and stated that the listing has no substantial impact on its business [3] - CloudWalk will actively communicate with US authorities to clarify the situation [3] - Quectel emphasized that the listing is a mistake and has no impact on its business [3] - Quectel will organize a professional team to communicate with US authorities and clarify the facts [3] Company Responses - Tencent: The company is not a military or defense supplier and the listing has no impact on its business [1][2] - CATL: The company has never been involved in military-related business and the listing has no significant impact on its operations [2] - SenseTime: The listing is unfounded and has no substantial impact on its business [3] - CloudWalk: The company denies the allegations and the listing has no substantial impact on its business [3] - Quectel: The listing is a mistake and has no impact on its business [3] Industry Impact - The 1260H list primarily affects the ability of listed entities to become suppliers to the US Department of Defense [2][3] - The listing does not restrict business dealings with other entities outside the US Department of Defense [2][3] - Companies are taking steps to communicate with US authorities and may pursue legal action to address the listings [2][3]

US-China Trade Relations - The US has included Tencent and CATL in its "Chinese Military-Industrial Complex Companies" list, which is seen as a discriminatory measure against Chinese companies [2] - The Chinese government strongly opposes the US's overgeneralization of national security concepts and the creation of discriminatory lists, viewing these actions as unreasonable suppression of Chinese companies and an attempt to hinder China's high-quality development [2] - China emphasizes that the development rights of its people are inviolable and cannot be ignored, and it urges the US to immediately correct its erroneous practices and lift the illegal unilateral sanctions and "long-arm jurisdiction" on Chinese companies [2] - China will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese companies and protect its own rightful development rights [2]

Strategic Partnership - Conch Group and CATL signed a strategic cooperation agreement in Ningde, Fujian [1] - The partnership aims to leverage their respective strengths in advanced battery technology, new materials, application scenarios, and mining resources [1] - Collaboration will focus on multiple fields including mining, factories, and logistics transportation [1] Key Areas of Collaboration - Joint promotion of logistics electrification [1] - Implementation of integrated energy solutions (source-grid-load-storage) [1] - Development of zero-carbon factories and smart mining solutions [1] Strategic Goals - Accelerate the achievement of carbon neutrality goals [1] - Enhance technological innovation and application in the industry [1]