CATL(SZ:300750) Xin Hua Cai Jing·2025-04-14 14:25Core Viewpoint - Ningde Times continues to demonstrate robust growth in performance and shareholder returns, with significant advancements in internationalization and strategic partnerships in the renewable energy sector [2][3][4]. Financial Performance - In Q1 2025, the company achieved operating revenue of 84.7 billion RMB and a net profit attributable to shareholders of 13.96 billion RMB, marking a year-on-year growth of 32.9% [2]. - The comprehensive gross margin reached 24.4%, showing both year-on-year and quarter-on-quarter growth [2]. - Research and development investment exceeded 4.8 billion RMB, while operating cash flow amounted to 32.87 billion RMB, indicating strong profitability and growth potential [2]. Shareholder Returns - Since its A-share listing in 2018, the company has consistently increased shareholder returns, with a dividend payout ratio of 50% for both 2023 and 2024, totaling nearly 60 billion RMB in dividends and buybacks [2]. - The company plans to repurchase shares worth 4 to 8 billion RMB to further enhance market confidence [2]. Internationalization Efforts - The company is advancing its internationalization strategy, with its H-share issuance application being reviewed by the Hong Kong Stock Exchange, following a successful hearing on April 10 [2]. - This move is expected to inject new momentum into the company's international strategic layout [2]. Strategic Partnerships - Ningde Times signed a cooperation framework agreement with Sinopec to build a nationwide battery swap network, aiming for at least 500 swap stations by 2025, with a long-term goal of expanding to 10,000 stations [3]. - A strategic cooperation agreement with NIO aims to create the world's largest and most advanced passenger car battery swap service network, promoting battery compatibility across brands and models [3]. Zero-Carbon Initiatives - The company has partnered with Dongying City in Shandong Province to develop a zero-carbon industrial park, leveraging a 40GWh lithium battery green manufacturing base [3]. - Collaborations with local entities aim to implement zero-carbon solutions in high-energy consumption sectors such as chemicals and oil fields [3]. Market Position - In Q1 2025, China's new energy vehicle production and sales reached 3.182 million and 3.075 million units, respectively, reflecting year-on-year growth of 50.4% and 47.1% [4]. - Ningde Times maintained a global market share of 38% in power battery usage from January to February 2025, with a 43% share in Europe, an increase of 8 percentage points year-on-year [4]. Future Outlook - The company anticipates continued high growth due to full capacity utilization and strong market demand, with ongoing breakthroughs in technology, market, and capital [5].