Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expected investment return over the next 6-12 months [5][12]. Core Insights - The company reported a revenue of 362.01 billion yuan for 2024, a decrease of 9.7% year-on-year, while achieving a net profit attributable to shareholders of 50.75 billion yuan, an increase of 15.01% year-on-year [1][5]. - The company's battery shipment volume reached 475 GWh in 2024, representing a year-on-year increase of 21.79%, with significant contributions from both power and energy storage battery systems [2]. - The company is expected to benefit from ongoing global capacity expansion and the electrification of vehicles, with a total production capacity of 676 GWh and an additional 219 GWh under construction [2]. Financial Performance Summary - For 2024, the company achieved a gross profit margin of 26.54%, up 3.43 percentage points year-on-year, and a net profit margin of 14.83% [1]. - The forecasted net profits for 2025, 2026, and 2027 are projected to be 67.07 billion yuan, 82.74 billion yuan, and 97.95 billion yuan, respectively, with growth rates of 32.2%, 23.4%, and 18.4% [3]. - The earnings per share (EPS) are expected to increase from 11.52 yuan in 2024 to 22.24 yuan in 2027 [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 302.30, indicating an upside potential of 18% from the current price of RMB 256.00 [1][8][16]. Core Insights - The report highlights that the demand for energy storage is expected to continue growing in 2025, supported by a strong performance in Q4 2024, where lithium battery sales reached 145 GWh, reflecting a 16% quarter-on-quarter increase [6][11]. - The company is projected to achieve revenue of RMB 457.1 billion in 2025, with a net profit of RMB 63.3 billion, and an EPS of RMB 13.97 [10][14]. - The report notes a significant increase in production capacity utilization, which reached 76.3% for the year, with expectations of further growth in the second half of 2024 [7][11]. Summary by Sections Investment Rating - The investment rating remains "Buy" with a target price adjustment to RMB 302.30 from RMB 301.00 [2]. Financial Performance - The company reported a revenue of RMB 362.0 billion for 2024, a decrease of 9.7% year-on-year, primarily due to falling battery prices influenced by lower lithium carbonate costs [6][10]. - The average selling prices for power and energy storage batteries were RMB 0.75/Wh and RMB 0.70/Wh, respectively [6]. Earnings Forecast - The report projects 2025E EPS at RMB 13.97, with a subsequent increase to RMB 17.28 in 2026E and RMB 18.89 in 2027E [2][10]. - The adjusted revenue forecasts for 2025 and 2026 are RMB 457.1 billion and RMB 508.1 billion, respectively, reflecting a 12.6% and 14.2% increase from previous estimates [15]. Market Position - The company is expected to maintain a strong market position with a projected net profit margin of approximately 14.7% in 2025, supported by a robust cash flow and dividend policy [7][10]. - The report emphasizes the company's leading position in the lithium battery market, with a focus on expanding its market share in Europe through new production facilities [7][8].

国内新能源汽车换电市场的两大巨头正式"牵手"。3月17日，蔚来与宁德时代在福建宁德签署战略合作协议，双方将通过构建覆盖全系乘用车的换 电网络、统一行业技术标准、深化资本与业务合作，为广大用户提供更高效的能源解决方案。 蔚来牵手宁德时代 换电双巨头将引爆市场？ （原标题：蔚来牵手宁德时代 换电双巨头将引爆市场？） 蔚来方面还透露了双方即将进行的资本合作的细节，即宁德时代正在推进对蔚来能源不超过25亿元人民币的战略投资。 早在2024年3月，蔚来与宁德时代曾就"共同推动长寿命电池研发创新"签署框架协议。但当时双方的合作仅限于"电池研发"领域。 时隔一年，蔚来与宁德时代的合作扩展到了换电业务。根据此次战略合作协议，蔚来与宁德时代将发挥双方在相关领域所拥有的技术、管理、平 台、品牌资源等优势，打造全球规模最大、技术最领先的乘用车换电服务网络。双方还将在统一电池标准的基础上，深化换电网络共享，推动换 电服务的普及与升级。 这对于整个换电行业来说是一个标志性的事件。因为此次合作的双方在换电市场有着举足轻重的地位。蔚来是国内力推新能源汽车换电模式的车 企，同时也是全国布局充电桩和换电站数量最多的汽车品牌。宁德时代是全球最大 ...

宁德时代（300750.SZ） 净利润增长程度高于总收入下降程度，公司战略定力带来盈利质量 显著提升 证券研究报告 | 公司动态点评 2025 年 03 月 18 日 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 400,917 | 362,013 | 447,375 | 532,242 | 632,038 | | 增长率 yoy（%） | 22.0 | -9.7 | 23.6 | 19.0 | 18.8 | | 归母净利润（百万元） | 44,121 | 50,745 | 65,406 | 79,151 | 94,334 | | 增长率 yoy（%） | 43.6 | 15.0 | 28.9 | 21.0 | 19.2 | | ROE（%） | 21.3 | 19.7 | 21.8 | 21.3 | 20.8 | | EPS 最新摊薄（元） | 10.02 | 11.52 | 14.85 | 17.97 | 21.42 | | P/E（倍） | 25.5 ...

交银国际研究 财务模型更新 | 电池 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 3 月 18 日 | | --- | --- | --- | --- | --- | --- | --- | | 人民币 | | 256.00 | 人民币 | 314.11 | +22.7% | | | 宁德时代 (300750 CH) | | | | | | | | 全球扩产提速，盈利能力保持韧性；维持买入 | | | | | | | 宁德时代 2024 全年收入和净利润基本符合业绩预告和我们的预期。公司全年 盈利表现强劲，高分红彰显发展信心。电池行业进入补库周期，公司作为行 业龙头有望受益。维持买入评级和 314.11 元目标价。 个股评级 买入 1 年股价表现 资料来源 : FactSet 3/24 7/24 11/24 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 300750 CH MSCI中国指数 股份资料 | 52周高位 (人民币) | 299.00 | | --- | --- | | 52周低位 (人民币) | 169.00 | | 市值 (百万人民币) | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 314.11, indicating a potential upside of 22.7% from the current price of RMB 256.00 [1][10]. Core Insights - The company is expected to benefit from a global inventory replenishment cycle, with strong performance in revenue and net profit for 2024 aligning with forecasts. The company has demonstrated robust profitability and a high dividend payout ratio of 50%, reflecting confidence in its growth [1][4]. - The report highlights the acceleration of global capacity expansion, particularly with the upcoming commissioning of a factory in Hungary, which is expected to enhance local supply in Europe despite a temporary decline in overseas revenue due to slowing demand [4][5]. - The company’s production capacity is projected to increase by 22% year-on-year to 676 GWh in 2024, with an improved capacity utilization rate of 76% compared to 70% in 2023 [4][5]. Financial Forecasts - Revenue for 2024 is estimated at RMB 362 billion, a decrease of 10% year-on-year, while net profit is expected to rise by 15% to RMB 50.7 billion. The gross margin is projected to improve to 24.4%, up 5.2 percentage points year-on-year [4][12]. - The report provides updated financial forecasts for 2025 and 2026, with revenues adjusted to RMB 447.2 billion and RMB 489.2 billion, respectively, reflecting a 1-2% increase from previous estimates. Net profit forecasts for the same years are RMB 62.9 billion and RMB 68.0 billion [4][12]. - The report also notes a change in accounting policy affecting gross margin projections, leading to a downward adjustment of 2.8 and 3.0 percentage points for 2025 and 2026, respectively [4][5]. Stock Performance - The stock has shown a year-to-date change of -3.76%, with a 52-week high of RMB 299.00 and a low of RMB 169.00. The market capitalization stands at approximately RMB 1,124.4 billion [3][4].

蔚来创始人、董事长、CEO李斌说："蔚来与宁德时代的战略合作标志着换电模式进入全新阶段。 在宁德时代的支持下，蔚来换电网络将扩展到更多区域，更好地服务用户，双方合作不仅体现在资本层 面，更是技术标准与服务体系的双向赋能。蔚来在充换电网络、电池资产管理等领域持续对外开放， 让'可充可换可升级'的体验惠及更广泛用户群体，加速推动汽车行业向绿色低碳转型。" 宁德时代创始人、董事长兼CEO曾毓群表示："宁德时代始终致力于推动全球能源转型，此次与蔚 来的战略合作是全产业链协同创新的里程碑。我们将以巧克力换电技术为支点，通过'双网并行'模式打 造覆盖多层次需求的智慧能源网络，让每块电池在全生命周期创造更大价值，为全球用户提供更安全、 更高效、更可持续的电动出行解决方案。" 作为全国布局充电桩和换电站数量最多的汽车品牌，蔚来已累计建成3172座换电站，建成9纵9横14 大城市群高速换电网络，布局近1000座高速公路换电站，连通全国超700个城市，实现全国主要城市间 高速换电网络建设。蔚来将持续加密和完善换电站布局，在2025年6月30日前，完成包括北京、上海、 广东等在内的14个省级行政区、超1200个县级行政区换电县县通 ...

受此消息提振，蔚来港股股价拉涨，涨幅一度超17%，收盘上涨8.95%。 宁德时代将投资蔚来能源 中国证券报记者注意到，这不是蔚来和宁德时代的首次合作，2024年3月，双方曾签署框架协议， 共同推动长寿命电池研发创新。 宁德时代、蔚来，战略合作 3月18日，蔚来汽车和宁德时代共同宣布，3月17日晚，双方签署战略合作协议，将共同打造换电网 络并推进行业技术标准的统一。 同时，双方将进行资本合作。蔚来表示，宁德时代正在推进对蔚来子公司蔚来能源不超过25亿元的 战略投资。宁德时代将支持蔚来换电网络的发展，蔚来公司旗下firefly萤火虫品牌后续开发的新车型将 适时导入宁德时代巧克力换电标准和网络。 加快推动换电标准统一 记者注意到，2023年11月至今，已有多家主流新能源车企加入换电阵营。长安汽车、吉利控股、江 汽集团、奇瑞汽车、广汽集团等车企与蔚来签署了换电战略合作协议。 目前，蔚来已累计建成3172座换电站，形成9纵9横14大城市群高速换电网络，布局近1000座高速公 路换电站，连通全国超700个城市。 2024年12月18日，曾毓群在"宁德时代巧克力换电生态大会"上表示："到2030年，在电车补能模式 上，换电 ...

宁德时代(300750) / 电池 / 公司点评 / 2025.03.17 业绩符合预期，数据中心带动储能需求大幅增长 盈利预测： | [Table_FinchinaSimple] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 400917 | 362013 | 444478 | 541780 | 621904 | | 收入增长率(%) | 22.01 | -9.70 | 22.78 | 21.89 | 14.79 | | 归母净利润(百万元) | 44121 | 50745 | 64611 | 75802 | 87634 | | 净利润增长率(%) | 43.58 | 15.01 | 27.32 | 17.32 | 15.61 | | EPS(元) | 10.06 | 11.58 | 14.67 | 17.21 | 19.90 | | PE | 16.23 | 22.97 | 17.45 | 14.87 | 12.86 | | ROE(%) | 22.32 | 20. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Insights - The company reported a revenue of 362.01 billion yuan for 2024, a year-on-year decline of 9.7%, while the net profit attributable to shareholders was 50.74 billion yuan, reflecting a growth of 15.0% [1]. - The company plans to distribute a cash dividend of 45.53 yuan per 10 shares (including tax), with total dividends accounting for 50% of the net profit for 2024 [1]. - The production capacity utilization rate is at 76%, with expectations for an increase in the second half of the year, and total capacity projected to reach 676 GWh by the end of 2024 [1][3]. - The sales volume of lithium batteries reached 475 GWh in 2024, marking a year-on-year increase of 21.79% [1]. Summary by Sections Business Segments - The sales volume of power batteries in Q4 2024 was 125 GWh, with a unit price of 0.62 yuan/Wh, showing a quarter-on-quarter decrease of 7% [2]. - The gross margin for power batteries improved to 23.2%, up by 3.7 percentage points from the previous quarter, driven by product structure upgrades [2]. - The sales volume of energy storage batteries in Q4 2024 was 20 GWh, with a unit price of 0.55 yuan/Wh, reflecting a quarter-on-quarter decrease of 7% [2]. Competitive Advantage - The company is enhancing its product matrix with new offerings such as the Xiaoyao and Tianxing batteries, which are expected to support over 30 vehicle models and drive growth in 2025 [3]. - The demand for energy storage solutions is anticipated to rise due to the increasing need for data centers powered by AI, which require high energy density and continuous power supply [3]. Financial Forecast and Valuation - The company’s revenue is projected to recover to 457.18 billion yuan in 2025, with a growth rate of 26.29% [7]. - The net profit forecast for 2025 is 65.64 billion yuan, representing a growth rate of 29.36% [7]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 17 for 2025, 14 for 2026, and 12 for 2027, indicating a favorable valuation outlook [3][7].