研报掘金丨中邮证券：维持宁德时代“增持”评级，“全球化+产品创新矩阵”构筑长期护城河

Core Viewpoint - The report from Zhongyou Securities highlights that CATL achieved a net profit attributable to shareholders of 49.034 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 36.20% [1] Financial Performance - In Q3, CATL's net profit attributable to shareholders reached 18.549 billion yuan, showing a year-on-year increase of 41.21% and a quarter-on-quarter increase of 12.26% [1] - The total battery shipments for power and energy storage in Q3 approached 180 GWh, with energy storage accounting for approximately 20% of the total [1] Operational Highlights - The company's battery unit gross profit and net profit remained relatively stable quarter-on-quarter [1] - The construction in progress amounted to 37.366 billion yuan, with a quarter-on-quarter increase of approximately 2.3 billion yuan [1] - CATL continues to advance its domestic and international expansion projects [1] Product Development - The company is systematically advancing multiple heavyweight products to create an innovative matrix for all scenarios [1] - The overseas export ratio of the total shipments is about 20% [1] Rating - The report maintains an "Overweight" rating for CATL [1]