美银证券发表报告指出，宁德时代第三季营收为1040亿元，按年增长13%，按季增11%；毛利率为 25.8%，符合该行预期；净利润为185亿元，按年增长41%，按季增12%，分别较该行的预测及市场共识 高出6%及3%。期内出货量约为180GWh，按年增长40%，按季增20%，其中80%/20%来自电动车/储能 系统电池。美银将宁德时代2025至2027年盈利预测上调3%、3%及3%，H股目标价由570港元上调至605 港元，A股目标价由467元上调至495元，重申对其"买入"评级，考量因素包括其储能系统电池稳健的成 长前景，以及其新电池技术应有助于其扩大市占率，并维持健康的利润率和强劲的海外出货增长前景。 ...

宁德时代是A股市场的新能源赛道龙头，被投资者誉为"宁王"。今年以来公司股价上涨加速，10月9日盘中股价创下历史新高。截至10月20日收盘，该股 年内累计上涨41.72%，A股市值达到1.62万亿元，依然是创业板市值最高的股票，排名A股第四。 2025年三季报业绩亮点抢先看，哪些公司榜上有名？ 宁德时代业绩再创新高 10月20日晚间，宁德时代(300750)发布2025年三季报，今年前三季度，公司实现净利润490亿元，同比增长36.2%，净利润增速远超营收增速。若按照前三 季度273个自然日计算，该公司日盈利金额约1.8亿元，是同期创业板盈利最高的公司。单季度来看，公司第三季度盈利185亿元，环比增长12.26%，公司 净利润已连续2个季度环比提升。 受业绩大增影响，10月21日早盘，宁德时代开盘上涨1.77%，早盘收涨3%。 宁德时代 ◀ 300750 .1 深股通 1.80 380.00 市值⊙ 1.72万亿 量比 377.49 流通 1.61万亿 换 0.74% 363.10 10.99 3.00% 额 市盈™ 26.97 नेत 373.00 118.09 Z 港股 551.500 4.45% H/A溢 ...

智通财经APP获悉，10月21日，崔东树发文称，9月动力电池走势较强，无论是出口，还是内销的表现均很好。纯电动车目前主力电池能量密度区间在125 到160之间，近期高能量密度的稍有改善。9月，我国动力和其它电池合计产量为151GWh，同比增长50%。1-9月，我国动力和其它电池累计产量为 1122GWh，累计同比增长44%。 2025年动力电池的产量中装车的比例保持到44%，其中三元电池装车率39%，磷酸铁锂装车率46%。2025年9月动力电池的产量中装车的比例上升50%，其 中三元电池装车率44%，磷酸铁锂装车率52%，动力电池装车景气度达到年内高位。 2025年9月的新能源汽车合格证产品产量是143万台、同比增22%。2025年1-9月新能源车国内合格证959万台、同比增29%较强，其中纯电动乘用580万台、 同比增44%；插混乘用车328万台、同比增10%；纯电动专用车和货车46万台，这样的产量数据表现很强。 2025年3季度的电池能量密度160以上的车型占比7%，相对于2024年的11%出现了明显的下降，这主要还是磷酸铁锂电池对三元替代带来的能量密度下 降。而125以下的能量密度的产品2025年下降到 ...

美银将宁德时代2025至2027年盈利预测上调3%、3%及3%，H股目标价由570港元上调至605港元，A股 目标价由467元上调至495元，重申对其"买入"评级，考量因素包括其储能系统电池稳健的成长前景，以 及其新电池技术应有助于其扩大市占率，并维持健康的利润率和强劲的海外出货增长前景。 美银证券发表报告指，宁德时代第三季营收为1040亿元，按年增长13%，按季增11%；毛利率为 25.8%，符合该行预期；净利润为185亿元，按年增长41%，按季增12%，分别较该行的预测及市场共识 高出6%及3%。期内出货量约为180GWh，按年增长40%，按季增20%，其中80%/20%来自电动车/储能 系统电池。 ...

Core Insights - Morgan Stanley report indicates that CATL's net profit for Q3 reached 18.5 billion yuan, representing an annual growth of over 40% and a quarterly increase of 12%, aligning with the bank's expectations [1] - The company's shipment volume was approximately 180 GWh; however, due to delays in revenue recognition from energy storage systems, only over 16.5 GWh was recognized in the Q3 profit and loss statement [1]

Core Insights - The establishment of the chocolate battery swap station at Jinan High-tech Hanyu Jingu Station marks a significant milestone for Ningde Times, bringing the total number of chocolate battery swap stations to over 700 [1] - Currently, the chocolate battery swap network has expanded to 39 cities across the country, with plans to accelerate towards the goal of 1,000 stations by 2025 in the fourth quarter [1] - The company aims to build a battery swap network that is dense, widely covered, and offers an excellent user experience [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in Q3 2025 met expectations, with a revenue of 104.2 billion RMB, a year-on-year increase of 13% and a quarter-on-quarter increase of 11%. The net profit attributable to shareholders was 18.5 billion RMB, reflecting a year-on-year increase of 41% and a quarter-on-quarter increase of 12% [1][2] - The company is positioned as a global leader in lithium batteries, benefiting from accelerated capacity expansion and technological breakthroughs. The previous pressure on volume and price due to industry competition is gradually easing, and with the surge in demand for energy storage and commercial vehicles, along with breakthroughs in sodium batteries and solid-state technologies, the company's performance is expected to continue to exceed previous highs [3] Performance Analysis - In Q3 2025, the company shipped over 180 GWh, with actual receipts at 165 GWh, representing a year-on-year increase of 32% and a quarter-on-quarter increase of 10%. The revenue growth is attributed to the stabilization of product prices at 0.55-0.60 RMB/Wh, while costs are estimated to be between 0.40-0.45 RMB/Wh [2] - The gross margin and net profit margin for Q3 were 25.8% and 16%, respectively, remaining stable compared to the previous quarter [1][2] - The company’s inventory at the end of Q3 was 80.2 billion RMB, an 11% increase from the previous quarter, aligning with the growth in shipment volume [2] Profit Forecast and Valuation - The company is projected to achieve net profits attributable to shareholders of 70.1 billion RMB, 91.5 billion RMB, and 113.4 billion RMB for the years 2025, 2026, and 2027, respectively, corresponding to P/E ratios of 24x, 18x, and 15x [3]

Group 1 - A-shares experienced a strong opening and continued to rise, with the Shanghai Composite Index up 1.22%, reclaiming the 3900-point mark, and the Shenzhen Component Index rising 2.09%, while the ChiNext Index surged over 3.5% [1] - Over 4400 stocks in the market were in the green, with significant gains in technology sectors such as storage chips and consumer electronics [1] - The strong performance of AI hardware and the Apple supply chain significantly boosted leading ETFs, with the Double Innovation 50 ETF (588380) and the ChiNext 50 ETF (159371) both rising over 4% [1] Group 2 - The ChiNext Index consists of 100 stocks with high market capitalization and liquidity, heavily weighted towards strategic emerging industries, particularly AI hardware and new energy, which together account for approximately 60% of the index [2] - The top ten weighted stocks in the index include leading companies such as CATL (20.02%), Zhongji Xuchuang (6.75%), and Xinyi Sheng (6.23%), indicating a strong growth style [2] - Investors are encouraged to consider the ChiNext ETF (159971) and its linked funds for gradual investment in high-growth opportunities during the A-share recovery process [2]

宁德时代 (300750 CH) Q3 盈利超预期 2025 年 10 月 21 日│中国内地 新能源及动力系统 | 公司公布三季度业绩：收入 1041.86 亿元，同比+12.90%，环比+10.62%； | | --- | | 归母净利润 185.49 亿元，同比+41.21%，环比+12.26%。前三季度公司实 | | 现收入2830.72亿元，同比+9.28%；归母净利润490.34亿元，同比+36.20%。 | | 公司三季度业绩超出我们此前预期的 175.65 亿元，主要系公司产能利用率 | | 提升、产品结构优化带动毛利率提升超预期。我们看好公司乘用车、商用车、 | | 储能等多领域出货量快增，加速开发新产品与海外市场。维持买入评级。 | 25Q3 净利率同比+4pct，现金储备充裕 证券研究报告 25Q3 公司毛利率为 25.80%，同比-5.37pct，环比+0.23pct；净利率为 19.13%，同比+4.12pct，环比+0.55pct。毛利率同比下滑主要系会计准则变 化（质保金从销售费用计入主营业务成本），净利率同比明显提升或主要得 益于产能利用率提升，高毛利储能业务以及神行、麒麟、骁 ...

格隆汇10月21日｜摩根大通报告指，宁德时代第三季净利润185亿元，按年增长超40%，按季增长 12%，符合该行预期。出货量约为180GWh，但由於储能系统收入确认延迟，仅超165GWh在第三季损 益表中确认，按年增长超30%，按季增长逾10%。单位利润保持稳定，符合该行预期。摩通表示，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。管理层强调，公司至2026年将有大幅的产能增加。公司先前因产 能限制在国内电动车及全球储能系统市场流失部分市占率。摩根大通预期随着产能释放（该行预估明年 将增加200至250GWh的产能），市占率将随之提升。海外工厂（匈牙利、印尼）也正按计划加快投产 进度。 ...