Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HK$618.00 based on a current price of HK$544.00 [2][8]. Core Insights - The company has demonstrated strong operational gains and is effectively seizing opportunities in the energy storage sector, with a notable increase in revenue and net profit for the third quarter of 2025 [3][4][11]. - The company is committed to technological innovation, launching several new products across various sectors, which are expected to enhance its market position [5][14]. - The financial outlook is positive, with projected revenue growth and improving profitability metrics over the next few years [15]. Financial Performance - For the first three quarters of 2025, total revenue reached RMB 283.1 billion, a year-on-year increase of 9.3%, with net profit attributable to shareholders at RMB 49.0 billion, up 36.2% [3][11]. - The company achieved a net profit margin of 19.1% in Q3 2025, reflecting a 4.1 percentage point increase year-on-year, supported by effective expense management [12]. - Cash reserves were robust, exceeding RMB 360 billion at the end of Q3 2025, indicating strong liquidity [12]. Product and Market Dynamics - The company shipped approximately 450 GWh of power and energy storage batteries in the first three quarters of 2025, with a significant increase in shipments in Q3 [4][13]. - The energy storage segment accounted for about 20% of total shipments, benefiting from rising demand driven by AI data centers and supportive domestic policies [4][13]. - The company is increasing its focus on commercial vehicle batteries, with heavy-duty truck battery shipments growing over 100% [4][13]. Valuation and Market Position - The company is projected to achieve revenues of RMB 425.5 billion, RMB 509.3 billion, and RMB 584.9 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of RMB 68.2 billion, RMB 86.1 billion, and RMB 103.5 billion [15]. - Given its leading position in the global battery market and continuous product innovation, a P/E ratio of 30x is assigned for 2026, resulting in a target market capitalization of RMB 2,583 billion [15].

Investment Rating - The report rates the industry as "Outperform" [3] Core Insights - The report highlights the rapid expansion of lithium battery applications across various sectors, including electric two-wheelers, low-altitude economy, robotics, and RVs, with a projected CAGR of 18.08% from 2025 to 2030 for industrial and consumer drones [3] - It emphasizes the strong growth in energy storage and power batteries, driven by new application scenarios, with energy storage battery demand expected to reach 1384.00 GWh by 2028, reflecting a CAGR of 39.07% from 2024 to 2028 [3] - The report notes the increasing concentration of resources towards leading companies, with second-tier firms seeking differentiated competition [3] Summary by Sections 1. Lithium-ion Batteries - Lithium batteries convert chemical energy to electrical energy through electrochemical reactions, involving the movement of lithium ions between the anode and cathode [9] - Lithium-ion batteries dominate the market, accounting for 67% of the global secondary battery market share in 2025, with a projected CAGR of 22.13% from 2024 to 2030 [12][16] - The lithium battery supply chain includes upstream resource extraction, midstream cell manufacturing, and downstream applications and recycling [9] 2. Demand - Global battery demand is expected to grow significantly, with total shipments projected to reach 4377.54 GWh by 2028, representing a CAGR of 28.91% from 2024 to 2028 [19] - Energy storage batteries are anticipated to see a substantial increase, with a projected shipment of 1384.00 GWh by 2028 [19] - The demand for power batteries is driven by the electrification of commercial vehicles and engineering machinery, with a forecasted shipment of 2859.62 GWh by 2028 [20] 3. Market Structure - The report indicates that the battery materials sector has the highest technical barriers and cost proportions, with cathode materials accounting for 51% of total battery costs [52] - The competitive landscape shows a stable market share among leading power battery companies, while the second-tier firms are experiencing rapid growth [3] - The report highlights the increasing concentration in the separator market, with leading companies benefiting from cost control and technological upgrades [3] 4. Investment Themes - The report suggests focusing on new application scenarios and technological advancements, particularly in solid-state battery industrialization led by major players [3] - It emphasizes the importance of price recovery and profitability improvement in the battery industry, with cell prices rebounding since 2025 [3] - The report provides a valuation summary of battery industry companies, indicating potential investment opportunities [3]

智通财经APP获悉，瑞银发布研报称，宁德时代(03750)第三季度业绩略胜预期，净利润按季升12%至 185亿元人民币，较去年同期升41%。首九个月净利润490亿元人民币，为全年市场预期670亿元人民币 73%，意味第四季净利润预期仅180亿元人民币。鉴于第四季通常受季节性因素影响而优于第三季，预 期市场将温和上调盈测。该行又指，由于宁德时代股价已超越目标价，因此把该股纳入检讨。该行此前 予该股目标价为495港元及"买入"评级。 该行亦引述管理层指，电动车及储能系统电池需求强劲，并预期势头将延续至明年。主要需求驱动因素 包括每辆车电池安装量增加、电动重型卡车销量快速增长及国内外储能项目利用率和盈利能力改善。公 司又指，匈牙利工厂第一阶段已在测试设备，重申年底完成建设目标。 ...

瑞银发布研报称，宁德时代（300750）(03750)第三季度业绩略胜预期，净利润按季升12%至185亿元人 民币，较去年同期升41%。首九个月净利润490亿元人民币，为全年市场预期670亿元人民币73%，意味 第四季净利润预期仅180亿元人民币。鉴于第四季通常受季节性因素影响而优于第三季，预期市场将温 和上调盈测。该行又指，由于宁德时代股价已超越目标价，因此把该股纳入检讨。该行此前予该股目标 价为495港元及"买入"评级。 该行亦引述管理层指，电动车及储能系统电池需求强劲，并预期势头将延续至明年。主要需求驱动因素 包括每辆车电池安装量增加、电动重型卡车销量快速增长及国内外储能项目利用率和盈利能力改善。公 司又指，匈牙利工厂第一阶段已在测试设备，重申年底完成建设目标。 ...

南财投研通数据显示，10月21日，券商给予上市公司目标价共32次，按最新收盘价计算，目标价涨幅排 名居前的公司有宁德时代、川投能源、燕京啤酒，目标价涨幅分别为51%、44.26%、40.52%，分别属于 电池、电力、食品饮料行业。 从券商推荐家数来看，10月21日有36家上市公司得到券商推荐，其中燕京啤酒获得8家推荐，宁德时代 获得5家推荐，润本股份获得4家推荐。 首次覆盖方面，10月21日券商共给出了5次首次覆盖，其中豪声电子获得江海证券给予"增持"评级，华 鲁恒升获得环球富盛理财给予"买入"评级，中复神鹰获得首创证券给予"增持"评级，若羽臣获得华泰证 券给予"增持"评级，华润微获得中邮证券给予"增持"评级。 ...

Core Insights - CATL reported a third-quarter revenue of 104.186 billion yuan, a year-on-year increase of 12.9%, and a net profit of 18.549 billion yuan, up 41.21% year-on-year [1] - For the first three quarters, CATL achieved a revenue of 283.072 billion yuan, a 9.28% increase year-on-year, and a net profit of 49.034 billion yuan, a 36.2% increase year-on-year, indicating an average daily profit of approximately 180 million yuan [1] - Despite strong financial performance, CATL's market share in the power battery sector has declined to 41.7%, the lowest in nearly six years, as competitors in the second tier are gradually increasing their shares [1][2] Market Share Dynamics - From 2020 to 2025, CATL's market share is projected to decrease from 50.0% to 43.3%, while competitors like Zhongchuang Innovation, Guoxuan High-Tech, and Yiwei Lithium Energy are steadily increasing their shares [2] - The decline in CATL's market share is attributed to the rapid development of the battery industry, particularly in lithium iron phosphate batteries, where CATL's share has diminished [1][2] - The shift from a dominant player to a more competitive landscape is characterized by second-tier manufacturers finding niches and excelling in specific areas, leading to a healthier market ecosystem [2] Supply Chain Strategies - Automakers are diversifying their battery suppliers to mitigate supply chain risks, opting to work with multiple battery manufacturers rather than relying solely on one [3] - This strategy allows automakers to enhance their bargaining power and focus on cost competitiveness, making it challenging for leading battery companies to expand their market share further [3][4] - The trend indicates a shift towards self-research and development of batteries by automakers, as they aim to create competitive products that surpass those available in the market [3][4] Collaboration and Customization - Recent collaborations, such as the joint venture between Li Auto and battery manufacturer Sunwoda, highlight a trend towards customized battery solutions, allowing automakers to have more control over battery design and production [4] - Unlike CATL, which prefers a traditional supplier relationship, second-tier manufacturers are more open to collaborative development, which can lead to tailored solutions for automakers [4] Industry Evolution - The competitive landscape is evolving, with second-tier manufacturers gradually gaining market share, reflecting a maturation of the entire electric vehicle industry [5][6] - The diversification of battery suppliers is seen as beneficial for consumers, providing more options and enhancing the overall efficiency of the supply chain [5] - As the market transitions from rapid growth to refined operations, leading companies face increased pressure to innovate and maintain competitiveness [5][6]

东莞证券研报指出，宁德时代2025年前三季度归母净利润490.34亿元，同比增长36.20%；其中Q3实现 归母净利润185.49亿元，同比增长41.21%，环比增长12.26%。Q3锂电池出货量约180GWh，环比增长约 20%，其中动力电池出货量占比约80%，电池单GWh盈利基本保持稳定。2025年前三季度经营现金流净 额806.60亿元，同比增长19.60%，现金流保持强劲。截至2025Q3末货币资金达3242.42亿元，同比增长 22.51%。当前产能饱和，资本开支率先同比大幅增长。随着新增产能逐步释放，公司市场份额有望进 一步提升。动储双驱动，锂电池需求旺盛，公司是全球锂电龙头，拥有领先的技术优势和成本优势，盈 利能力韧性足，随着新增产能释放市占率有望进一步提升，业绩保持快速增长可期，维持"买入"评级。 ...

该行对集团明年的表现持积极态度，基于新产能释放以及电池需求强劲。集团目前在德国的产能正在提 升，并于匈牙利、西班牙及印尼建构新的海外产能；预期规模扩张、成本效益提升、产品持续改善及强 劲的财政管理能力，可强化宁德时代作为全球行业领导者的地位。 该行将2026年盈利预测微升1%，因上调销量预测；维持"买入"评级，H股目标价由484港元上调至635港 元，A股目标价由355元上调至448元。 星展发表研究报告指，宁德时代第三季净利润按年增长41%，主要受强劲销量增长及稳健盈利能力所支 持，表现符合预期。出货量按年增长44%，按季增长20%，至约180吉瓦时。 ...

邦普循环年处理能力达12万吨废旧动力电池，刨除其中的废料，按单车电池平均重量300公斤计算，相 当于每年让20—30万辆新能源汽车的电池"起死回生"。 除了动力电池回收标准制定，邦普循环还支撑了全国18个标委会开展电池回收标准研究，涉及有色金 属、化学品处置、汽车、化学和物流等多个领域。截至目前，邦普循环已经给行业制定445项标准，其 中国家标准126项。邦普循环也是全球首个开创定向循环技术体系的企业，并把这一技术公开和分享给 行业，形成国家标准。 邦普循环有关负责人表示，标准制定对产业发展具有深远意义。首先，明确的技术规范加速了行业技术 进步和产品迭代；其次，中国标准正在成为国际规则的重要参考，助力我国企业在全球市场赢得话语 权；更重要的是，面对欧盟新电池法等国际绿色壁垒，高标准回收体系为中国电池企业出海提供了"绿 色通行证"。 市场监管总局近日召开动力电池回收利用标准化专题新闻发布会，发布22项国家标准，广东邦普循环科 技有限公司（以下简称邦普循环）是其中主要牵头企业之一。记者从邦普循环获悉，全国超80%锂电池 回收标准由该公司牵头和参与制定。 邦普循环是宁德时代新能源科技股份有限公司的控股子公司。作为全 ...

Core Insights - The Ministry of Commerce and the General Administration of Customs of China announced export controls on lithium batteries and related technologies, effective from November 8, 2025, marking the first "technical-level" export review in the new energy equipment manufacturing sector [1][2] - The export controls aim to protect core technologies, enhance national security, and ensure compliance with international non-proliferation obligations while maintaining the competitiveness of Chinese lithium battery companies in the global market [1][4] Industry Overview - China's lithium battery industry is a core advantage in the new energy sector, with over 250 overseas orders totaling 188 GWh secured by domestic energy storage companies in the first eight months of 2025, and a significant increase in demand from international markets [2][4] - The export controls are seen as a "signpost" that may reshape the development landscape for Chinese lithium battery companies, encouraging more firms to invest abroad [2][3] Export Control Details - The export controls specifically target rechargeable lithium-ion batteries with an energy density of 300 Wh/kg or higher, high-pressure lithium iron phosphate materials, artificial graphite anode materials, and related equipment and technologies [1][5] - The measures also include controls on artificial diamond micro-powder and single crystal products, which are critical for semiconductor and precision manufacturing applications [6] Technological Implications - The export controls are designed to provide a "technical barrier" for the lithium battery industry, ensuring that high-end products and technologies are managed with precision rather than imposing blanket export bans [3][4] - The focus on dual-use technologies reflects a global trend in maintaining national security while fostering innovation in high-tech sectors [4][5] Market Dynamics - The export controls may lead to short-term price premiums for high-end products due to their scarcity, while compliance for overseas capacity expansion and core equipment export may become stricter [5][7] - Long-term, these measures are expected to protect the leading technological advantages of Chinese companies and stabilize their pricing power within the global supply chain [5][7] Future Outlook - The lithium battery industry is transitioning from a focus on quantity to quality, with an emphasis on technological innovation and core competitiveness [6][7] - The anticipated growth of solid-state battery markets, projected to exceed an 80% compound annual growth rate from 2024 to 2030, highlights the importance of rapid industrialization and scaling production capabilities [6][7]