华福证券：维持宁德时代“买入”评级，有望更受益于行业需求的高景气

Core Viewpoint - Ningde Times achieved revenue of 94.2 billion in Q2 2025, representing a year-on-year increase of 8% and a quarter-on-quarter increase of 11% [1] - The company reported a net profit attributable to shareholders of 16.5 billion, up 34% year-on-year and 18% quarter-on-quarter, with a net profit margin of 18.6%, marking the highest quarterly figure since 2018 [1] Financial Performance - Q2 2025 battery unit gross profit reached 0.125 yuan/Wh, a decrease of 0.019 yuan/Wh quarter-on-quarter; the net profit per unit attributable to shareholders was 0.110 yuan/Wh, down 0.002 yuan/Wh quarter-on-quarter [1] - The changes in profitability are primarily related to product mix, foreign exchange gains and losses, and accounting treatment [1] Technological Development - The company has over 10 years of research and development experience in solid-state batteries and has established a leading R&D team in the industry, increasing investment in this area [1] - The scientific issues related to solid-state batteries have been largely resolved, with a focus now on engineering challenges [1] Infrastructure Expansion - As of the end of July, the company has built 400 battery swap stations for passenger vehicles, with a target of 1,000 for the year; approximately 100 swap stations for heavy trucks have been established, with a target of 300 for the year [1] Investment Outlook - The company is considered to be in a leading technological position and is expected to benefit more from the high demand in the industry, maintaining a "buy" rating [1]