研报掘金丨民生证券：宁德时代盈利能力持续向好，维持“推荐”评级

Core Viewpoint - Ningde Times' semi-annual report performance exceeded expectations, driven by overseas business and technological innovation, with significant growth in Q2 performance and sustained improvement in profitability [1] Group 1: Financial Performance - The total battery system production reached 310 GWh in the first half of the year, with Q2 shipment volume expected to be close to 150 GWh, showing continuous growth from over 120 GWh in Q1 [1] - The estimated profitability per GWh in Q2 is approximately 113 million yuan, a slight increase from about 111 million yuan in Q1 [1] - The gross margin for power battery systems in the first half was 22.41%, while the gross margin for energy storage battery systems was 25.52%, with energy storage business gross margin increasing by 1.11 percentage points year-on-year, indicating strong profitability [1] Group 2: Revenue and Growth Drivers - The overseas business generated revenue of 61.208 billion yuan, a year-on-year increase of 21.14%, with a gross margin of 29.02%, significantly higher than the domestic business gross margin of 22.94%, becoming a key driver of the company's performance growth [1] - The company is accelerating the construction of an open and win-win battery swapping ecosystem through extensive cooperation with upstream and downstream partners in the industry chain, which is expected to create new business growth points [1] Group 3: Outlook and Recommendations - Given the company's stable and continuous profitability and its global leading technology, a "recommend" rating is maintained [1]