Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [8]. Core Insights - The company reported a significant year-on-year increase in net profit of 36.20% for the first three quarters of 2025, with total revenue reaching 283.07 billion yuan, a 9.28% increase [5]. - The third quarter saw a revenue of 104.19 billion yuan, reflecting a 12.90% year-on-year growth and a 10.62% quarter-on-quarter increase, with net profit for the quarter at 18.55 billion yuan, up 41.21% year-on-year [5]. - The company is experiencing strong cash flow, with a net operating cash flow of 80.66 billion yuan, a 19.60% increase year-on-year, and cash reserves of 324.24 billion yuan, up 22.51% [5]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a gross margin of 25.80%, a year-on-year decrease of 5.37%, but a quarter-on-quarter increase of 0.22%. The net margin was 19.13%, up 4.12% year-on-year and 0.54% quarter-on-quarter [5]. - Research and development expenses for the first three quarters were 15.07 billion yuan, a 15.26% increase year-on-year, indicating a commitment to technological innovation [5]. Capacity and Expansion - The company has a strong order backlog with contract liabilities of 40.68 billion yuan, a 79.58% increase year-on-year, and is expanding its production capacity significantly [5]. - Capital expenditures for the first three quarters of 2025 reached 30.09 billion yuan, a 41.47% increase year-on-year, with ongoing projects in both domestic and international locations [5]. Future Outlook - The report projects earnings per share (EPS) of 15.03 yuan and 18.55 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 24 and 20 [7]. - The company is positioned as a global leader in lithium batteries, benefiting from strong demand and a resilient profit margin, with expectations for continued rapid growth as new capacity comes online [5].

最新百元股中，以申万一级行业分类，较为集中的行业有电子、计算机、医药生物等，其中，电子行业 有59只股上榜，占百元股总数的比例为37.58%；有19只股来自计算机行业，占比12.10%；17只股来自 医药生物行业，占比10.83%。 以最新收盘价计算，A股平均股价为13.64元，其中股价超过100元的有157只，相比上一个交易日增加8 只。 百元股作为判定市场热度的信号之一，历来受到投资者关注。证券时报·数据宝统计显示，截至10月21 日收盘，沪指报收3916.33点，上涨1.36%，A股平均股价为13.64元，个股股价分布看，股价超过100元 的有157只，股价在50元至100元的有437只，股价在30元至50元的有752只。 股价超百元个股中，收盘价最高的是贵州茅台，今日报收1462.26元，上涨0.30%，其次是寒武纪、源杰 科技等，最新收盘价分别为1368.96元、496.78元。 市场表现方面，收盘股价超百元股中，今日平均上涨2.65%，跑赢沪指1.29个百分点。今日上涨的有136 只，涨停的有云汉芯城、源杰科技等，下跌的有21只，跌幅居前的有广生堂、博苑股份等。 追溯发现，最新百元股近一个月平均上 ...

Group 1: Economic Performance - In the first half of 2025, the sales revenue of the private economy in Fujian accounted for 84.7% of total sales revenue, an increase of 4.5 percentage points compared to 2020, surpassing the national average by 1.7 percentage points [1] - From 2021 to 2024, the annual growth rate of sales revenue in Fujian's private economy was 12.6%, 1.4 percentage points faster than the provincial average, with the battery manufacturing sector, represented by CATL, experiencing an impressive annual growth rate of 74.8% [1] - The "2025 China Private Enterprises 500 Strong" list saw Fujian's private enterprises shine, with 20 companies making the list, the highest ever, ranking 7th nationwide [1] Group 2: Company Highlights - CATL, as a leader in the global power battery industry, achieved a revenue of 400.9 billion in 2024, leading the top 100 private enterprises in Fujian [2] - Ningde Yilian Electronics reported a revenue of 1.57 billion in the first half of 2025, marking a year-on-year growth of 16.33%, benefiting from the leadership of major enterprises like CATL [2] - Fujian Shanshan Technology Co., Ltd. achieved sales exceeding 3 billion in 2024, with an annual growth rate of 72.7% from 2021 to 2024, supported by tax incentives [2] Group 3: Tax Policy Impact - Since 2021, Fujian's tax authorities have implemented a comprehensive and differentiated policy push, successfully delivering 11.17 million policy notifications to taxpayers, with a success rate exceeding 99% in the first half of 2025 [3] - Fujian Jinshi Energy Co., Ltd. received tax reductions totaling 8.26 million in 2024 through R&D expense deductions and high-tech enterprise tax incentives, enhancing its competitive edge [4] - The "no application required" policy from the tax department has significantly aided companies, allowing them to focus on technological advancements without the burden of extensive documentation [6]

中国商报（记者 雷珂馨）10月20日，宁德时代发布2025年第三季度财报。在新能源汽车产业发展迅猛、动力电池市场需求强劲的背景下，宁德时代单季度 实现营收1041.86亿元，同比增长12.90%；归母净利润为185.49亿元，同比增长41.21%。 业内人士表示，凭借动力电池与储能业务的"双轮驱动"，叠加全球化产能布局和技术创新带来的红利，宁德时代在全球能源革命中的龙头地位将得到进一 步巩固。 储能业务持续增长 "宁德时代的储能业务有望成为增长最快的板块，这得益于全球能源转型以及AI数据中心需求的爆发。"星图金融研究院研究员张思远表示，在政策层面， 国家发展改革委、国家能源局联合印发了《关于深化新能源上网电价市场化改革 促进新能源高质量发展的通知》，推动了储能市场化盈利模式的成熟。在 海外市场，美国、欧洲的储能装机量大幅提升，同时中东、澳大利亚等新兴市场的大型储能项目也相继落地。此外，AI数据中心将成为宁德时代业务新的 增长点，公司将凭借高安全、长寿命的产品占据先发优势。 动力电池引领产业发展 今年前三季度，宁德时代实现营收2830.72亿元，同比增长9.28%；实现归母净利润490.34亿元，同比增长36. ...

在随后的业绩电话会上，宁德时代进一步介绍了产能细节和未来业务展望，目前公司产能利用率不断提 升，产能处于满负荷状态，涨价不是核心驱动力。今年储能增速不错，明年增长势头预计延续，因商业 模式已形成且具备经济性拐点，能实现盈利。 以下是电话会要点： 昨日，宁德时代发布三季度财报，公司Q3营收同比增长12.9%，净利润增41.21%至185亿元，利润增速 显著超越营收增速。 以下是电话会原文： 尊敬的各位投资人，晚上好，我是宁德时代林美娜。欢迎各位投资人参加宁德时代2025年三季报业绩交 流会，感谢大家一直以来的支持和关注。首先由我向各位投资人介绍公司出席的领导，出席本次会议的 有公司董事会秘书兼副总经理蒋理先生，CFO郑舒先生。今天会议流程分成两部分，首先由我为各位简 单汇报报告期内的公司经营情况，而后进入问答互动环节。首先是公司经营情况，报告期内公司持续推 出创新产品，深化客户合作，实现业绩稳健增长。 2025年第三季度，公司实现总营收1041.9亿元，同比增长12.9%。归属上市公司股东的净利润为185.5亿 元，同比增长41.2%。当期净利率为19.1%，同比增长4.1%。现金储备充裕，期末货币资金及交易性 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：企业公告、储能前沿 10月20日晚发布的2025年三季报显示， 宁德时代实现营业收入1041.86亿元，同比增长12.90%； 实现归母 净利润 185. 49亿元， 同比增长41.21%， 平均每日盈利高达2.23亿元。 作为 全球新能源行业领军企业宁德时代再次交出亮眼 成绩单。 | 项目 | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 期增減 | | 年同期增减 | | 营业收入(千元) | 104,185,734 | 12.90% | 283,071,987 | 9.28% | | 归属于上市公司股东的 净利润(千元) | 18.548.970 | 41.21% | 49.034.109 | 36.20% | | 归属于上市公司股东的 扣除非经常性损益的净 | 16,421,757 | 35.47% | 43.619,225 | 35.56% | | 利润(千元) | | | | | | 经营 ...

里昂升 宁德时代 港股目标价至685元，利润率持续扩张。 ...

北京商报讯（记者 蔺雨葳）10月21日，宁德时代旗下时代电服科技有限公司发布的消息显示，宁德时 代全国巧克力换电站突破700座，已布局39座城市，四季度将全力冲刺2025年千站目标。根据规划， 2026年巧克力换电将在全国超过120个城市建成2500座以上换电站。 ...

里昂升宁德时代港股目标价至685元，利润率持续扩张。 ...

智通财经APP获悉，摩根大通发布研报称，宁德时代(03750,300750.SZ)第三季净利润185亿元人民币， 同比增长超40%，按季增长12%，符合该行预期。出货量约为180GWh，但由于储能系统收入确认延 迟，仅超165GWh在第三季损益表中确认，同比增长超30%，按季增长逾10%。单位利润保持稳定，符 合该行预期。小摩表示，集团管理层对明年需求前景乐观，宁德时代A股仍是该行在中国电池价值链中 的首选，而该行对宁德时代H股给予"中性"评级，因其估值看来合理。 ...