Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting the stock to outperform the market by over 20% within the next six months [13]. Core Views - The company achieved a revenue of 362.01 billion yuan in 2024, a year-on-year decrease of 9.7%, while the net profit attributable to shareholders increased by 15.0% to 50.75 billion yuan [4][6]. - The report highlights that the company's battery sales are steadily increasing, with a total lithium-ion battery sales volume of 475 GWh in 2024, representing a year-on-year growth of 21.8% [8]. - The overall gross margin improved to 24.44%, up 1.53 percentage points year-on-year, driven by lower raw material costs and the contribution of high-end products [8][9]. - The company is positioned as a global leader in lithium battery technology, with a comprehensive market layout and strong growth potential in the global lithium battery market [9]. Financial Performance Summary - **Revenue and Profitability**: - 2024 revenue: 362.01 billion yuan, down 9.7% year-on-year [6]. - 2024 net profit: 50.75 billion yuan, up 15.0% year-on-year [4]. - Gross margin: 24.44%, up 1.53 percentage points [8]. - Net margin: 14.92%, up 3.26 percentage points [9]. - **Future Projections**: - Expected revenue growth of 27.3% in 2025, reaching 460.70 billion yuan [6]. - Projected net profit for 2025: 66.26 billion yuan, a growth of 30.6% [6]. - **Key Financial Ratios**: - Return on Equity (ROE) for 2024: 20.6% [11]. - Price-to-Earnings (P/E) ratio for 2025: 17.2 [11]. Business Segment Performance - **Battery Segments**: - Power battery revenue: 253.04 billion yuan, down 11.3% year-on-year, accounting for 69.9% of total revenue [8]. - Energy storage system revenue: 57.29 billion yuan, down 4.4% year-on-year, accounting for 15.8% of total revenue [8]. - Battery materials and recycling revenue: 28.70 billion yuan, down 14.6% year-on-year, accounting for 7.9% of total revenue [8]. - **Sales Volume**: - Power battery system sales: 381 GWh, up 18.9% year-on-year [8]. - Energy storage battery system sales: 93 GWh, up 34.3% year-on-year [8]. Investment Outlook - The company is expected to benefit from the growing global demand for lithium batteries, with a strong focus on technology and cost control advantages [9]. - The report suggests a downward adjustment in profit forecasts for 2025 and 2026, with net profit estimates of 66.26 billion yuan and 79.73 billion yuan, respectively [9].

Core Viewpoint - Suzhou Dingjia Precision Technology Co., Ltd. is facing challenges in its IPO process due to pricing issues with key clients, including CATL and Nantech, which have led to unfavorable cooperation situations [1][5]. Group 1: Client Relationships and Sales Performance - Dingjia Precision's products are primarily used in the consumer electronics sector, with a high client concentration. The top five clients contributed 51.49%, 47.46%, and 50.07% of revenue from 2021 to 2023, respectively [2][3]. - The largest client, Compal Electronics, accounted for 18.77%, 18.29%, 22.76%, and 21.94% of revenue from 2021 to 2024, indicating a strong dependency on this client [2][3]. - Sales to Compal Electronics fluctuated in line with the company's overall revenue, which was 392 million, 329 million, and 367 million from 2021 to 2023, showing a correlation with Compal's purchasing needs [5][6]. Group 2: Pricing and Market Conditions - In 2024, Dingjia Precision's sales prices for major clients generally decreased, with a notable drop of 6.89% for Compal's functional products and 16.08% for products sold to Jiteng International [11][12]. - The company has been unable to meet Nantech's price reduction demands, leading to a temporary halt in orders from this client [1][11]. - The overall pricing pressure is attributed to increased competition and changing market demands in the consumer electronics industry [11][12]. Group 3: IPO and Fundraising Plans - Dingjia Precision initially aimed to raise 400 million for various projects but later reduced the target to 303 million after shifting its IPO focus to the Beijing Stock Exchange [13][14]. - The company canceled a project related to protective materials production, citing market conditions and internal resource optimization as reasons for the change [14][17]. - The planned expansion of production capacity for functional products is significant, with an expected increase of approximately 1.5 billion units annually, despite concerns about the ability to absorb this new capacity [17].

三、公司完成境外发行上市后15个工作日内，应通过中国证监会备案管理信 息系统报告发行上市情况。公司在境外发行上市过程中应严格遵守境内外有关法 律、法规和规则。 四、公司自备案通知书出具之日起12个月内未完成境外发行上市，拟继续推 进的，应当更新备案材料。 备案通知书仅对公司境外发行上市备案信息予以确认，不表明中国证监会对 公司证券的投资价值或者投资者的收益作出实质性判断或者保证，也不表明中国 证监会对公司备案材料的真实性、准确性、完整性作出保证或者认定。 证券代码：300750 证券简称：宁德时代 公告编号：2025-028 宁德时代新能源科技股份有限公司 关于发行境外上市外资股（H 股） 获得中国证监会备案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 宁德时代新能源科技股份有限公司（以下简称"公司"）正在进行申请发行 境外上市外资股（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"） 主板挂牌上市的相关工作，公司于 2025 年 3 月 25 日收到中国证券监督管理委员 会（以下简称"中国证监会"）出具的《关于宁德时代新能源科技股份有限公 ...

Investment Rating - The report maintains an "Overweight" investment rating for the company [1][6]. Core Insights - In 2024, the company achieved revenue of 362.01 billion yuan, a year-on-year decrease of 9.70%, while net profit attributable to shareholders was 50.75 billion yuan, an increase of 15.01% year-on-year [4]. - The company continues to lead the global market in battery sales, with lithium battery sales reaching 475 GWh in 2024, a year-on-year increase of 22% [4]. - The company has a robust production capacity, with a utilization rate of 76.33% in 2024 and plans for additional capacity of 219 GWh [5]. - The company is expected to see significant growth in revenue and net profit from 2025 to 2027, with projected revenues of 431.12 billion yuan, 514.89 billion yuan, and 612.93 billion yuan, respectively [6]. Company Overview - The latest closing price of the company's stock is 256.00 yuan, with a total market capitalization of 112.73 billion yuan [3]. - The company has a debt-to-asset ratio of 69.3% and a price-to-earnings ratio of 21.71 [3]. - The largest shareholder is Xiamen Ruiting Investment Co., Ltd. [3]. Financial Projections - The company is projected to achieve a net profit of 64.93 billion yuan in 2025, representing a year-on-year growth of 27.95% [6]. - The expected earnings per share (EPS) for 2025 is 14.74 yuan, with a price-to-earnings (P/E) ratio of 17.36 [9].

盈利预测与投资建议 ⚫ 根据年报我们调整盈利预测，上调出货量，预计 2025、2026、2027 年公司归母净 利润 657.48、798.91、951.51 亿元（原预测值为 25、26 年 648、769 亿元），对 应 25-27 年 PE 17.6、14.4、12.1 倍，根据可比公司估值，给予公司 25 年 24 倍 PE，目标价 358.32 元，维持"买入"评级。 宁德时代 300750.SZ 公司研究 | 年报点评 业绩符合预期，海外进展顺利 核心观点 风险提示 新能源汽车销量不达预期；行业竞争加剧风险；新产品和新技术开发风险；原材料价格 波动风险；价格波动导致的盈利水平下降风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 400,917 | 362,013 | 490,618 | 572,537 | 675,005 | | 同比增长 (%) | 22.0% | -9.7% | 35.5% | 16.7% | 17.9% | | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 358.32 CNY, based on a projected PE of 24 times for 2025 [3][7]. Core Views - The company's performance in 2024 is in line with expectations, with a revenue forecast of 362.01 billion CNY and a net profit of 50.75 billion CNY, reflecting a year-on-year growth of 15.01% [8]. - The company has significantly improved its capacity utilization, reaching 76.3% for the year, and is making steady progress in its overseas expansion, including factories in Germany, Hungary, Spain, and Indonesia [8]. - New product launches are progressing well, with the company introducing innovative battery series that are expected to increase their market share in the LFP and NCM product lines [8]. Financial Summary - The company's revenue is projected to grow from 400.92 billion CNY in 2023 to 675.01 billion CNY in 2027, with a compound annual growth rate (CAGR) of 17.9% [5][11]. - The net profit attributable to the parent company is expected to rise from 44.12 billion CNY in 2023 to 95.15 billion CNY in 2027, indicating a CAGR of 19.1% [5][11]. - The gross margin is forecasted to stabilize around 24% by 2027, while the net margin is expected to remain around 14% [5][11].

企查查股权穿透显示，该公司由宁德时代旗下时代骐骥绿能科技（成都）有限公司全资持股。 人民财讯3月21日电，企查查APP显示，近日，时代骐骥新能源科技（德阳）有限公司成立，法定代表 人为李先辉，注册资本500万元，经营范围包含：新兴能源技术研发；新能源汽车换电设施销售；在线 能源计量技术研发等。 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha 17 March 2025 Equity Research Report CATL (300750 CH) Buy: Resilient domestic dominance and global expansion opportunities Solid 4Q 2024 results in line with expectations; sustained growth momentum from overseas and ESS battery market expansion and domestic market dominance. On 14 March 2025, CATL announced its 2024 net profit of RMB51bn (up 15% y-o-y), largely in line with the preliminary results announced in January. The company also proposed a total of more than RMB25bn di ...

交易数据 | 当前价格（元） | 256.00 | | --- | --- | | 52 周价格区间（元） | 169.00-299.00 | | 总市值（百万） | 1127269.10 | | 流通市值（百万） | 999054.42 | | 总股本（万股） | 440339.49 | | 流通股（万股） | 390255.63 | 涨跌幅比较 | 2025 年 03 月 17 日 | | --- | | | 宁德时代 | | 电池 | | | --- | --- | --- | --- | --- | | 84% | | | | | | 64% | | | | | | 44% | | | | | | 24% | | | | | | 4% | | | | | | -16% | | | | | | 2024-03 | 2024-06 | 2024-09 | 2024-12 | 2025-03 | | % | | 1M | 3M | 12M | | 宁德时代 | | -5.08 | -3.75 | 46.50 | | 电池 | | 1.79 | 1.09 | 25.99 | 杨鑫 分析师 执业证书编号:S05 ...