宁德时代(300750)：盈利环比回升 关税影响较小

Performance Summary - In Q1 2025, the company reported revenue of 84.7 billion, with a year-on-year increase of 6% and a quarter-on-quarter decrease of 18% [1] - The net profit attributable to shareholders was 14 billion, reflecting a year-on-year increase of 33% and a quarter-on-quarter decrease of 5% [1] - The gross margin was 24.4%, showing a year-on-year decrease of 2 percentage points and a quarter-on-quarter increase of 9 percentage points [1] - The net profit margin stood at 17.6%, with a year-on-year increase of 4 percentage points and a quarter-on-quarter increase of 3 percentage points [1] Operational Analysis - The company experienced a quarter-on-quarter recovery in profitability, with a 30% year-on-year increase in shipments [2] - In Q1 2025, the confirmed delivery was 125 GWh, reflecting a year-on-year increase of 30% and a quarter-on-quarter decrease of 13% [2] - The unit battery price in Q1 was 0.6 yuan/Wh, showing a year-on-year decrease of 17% and a quarter-on-quarter decrease of 5% due to lower raw material costs [2] - The estimated unit operating profit and net profit attributable to shareholders were 0.084 and 0.099 yuan/Wh, respectively, both increasing nearly 10% quarter-on-quarter [2] - For Q2 2025, the company expects stable production and a shipment growth of 25% to 30% [2] Research and Development - The company maintains high R&D investment and innovation, exceeding industry standards [3] - New products include advanced batteries for commercial vehicles and energy storage systems, contributing to a comprehensive product matrix [3] - The company is enhancing manufacturing efficiency through self-developed and collaborative technologies, such as robotic arms and AGVs [3] Profit Forecast and Valuation - The company is positioned as a global leader in lithium batteries, benefiting from the current industry replenishment cycle and overseas capital expansion [4] - Revenue forecasts for 2025 and 2026 are 700 billion and 839 billion, respectively, with corresponding price-to-earnings ratios of 14x and 12x [4]