宁德时代(300750)：业绩表现亮眼 竞争优势持续强化

Group 1 - The company's profit growth in 2024 is expected to exceed revenue growth, with a strong performance in operating cash flow [1] - In 2024, the company anticipates revenue of 362 billion yuan, a year-over-year decrease of 10%, and a net profit attributable to shareholders of 50.7 billion yuan, a year-over-year increase of 15% [1] - For Q4 2024, the company projects revenue of 103 billion yuan, a year-over-year decrease of 3%, and a net profit attributable to shareholders of 14.7 billion yuan, a year-over-year increase of 14% [1] Group 2 - In 2024, the company expects to sell 381 GWh of power batteries, a year-over-year increase of 19%, with a unit price of 0.66 yuan/Wh, a year-over-year decrease of 25%, and a gross margin of 23.9%, an increase of 5.8 percentage points [2] - The company anticipates selling 93 GWh of energy storage batteries in 2024, a year-over-year increase of 34%, with a unit price of 0.62 yuan/Wh, a year-over-year decrease of 29%, and a gross margin of 26.8%, an increase of 8.2 percentage points [3] - The company maintains the top market share in both power and energy storage batteries, with a global market share of 37.9% in power batteries and 36.5% in energy storage batteries for 2024 [3] Group 3 - The company continues to innovate with new products such as Shenxing, Qilin, and Xiaoyao to meet diverse market demands, gaining increasing recognition from customers [3] - It is expected that the shipment proportion of Shenxing and Qilin batteries in the company's LFP and NCM products will increase from 30-40% last year to 60-70% [3] - Since its launch, the Xiaoyao battery has been adopted in over 30 vehicle models, reflecting strong customer recognition [3] Group 4 - Due to the company's better-than-expected performance in 2024, the net profit forecasts for 2025 and 2026 have been raised to 65 billion yuan and 78 billion yuan, respectively, with a projected net profit of 91.6 billion yuan for 2027 [3]