民生证券：维持宁德时代“推荐”评级，深化产业生态，构建多元增长引擎

Core Viewpoint - Ningde Times reported a net profit attributable to shareholders of 49.034 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 36.20% [1] Financial Performance - In Q3 alone, the net profit attributable to shareholders reached 18.549 billion yuan, marking a year-on-year growth of 41.21% [1] - The Q3 single Wh non-recurring net profit is approximately 0.1 yuan, maintaining stability quarter-on-quarter, showcasing industry-leading profitability [1] Capacity and Demand - The company's capacity utilization remains high, with a robust order backlog; as of the end of Q3, contract liabilities reached 40.678 billion yuan, an increase of nearly 4 billion yuan quarter-on-quarter, indicating strong demand [1] - To meet the strong demand, the company is accelerating its global capacity expansion, with the Shandong Jining base expected to add over 100 GWh of energy storage capacity by 2026 [1] International Operations - The overseas factory in Germany has achieved profitability, while the first phase of the Hungarian factory is expected to be completed by the end of 2025 [1] Technological Advancements - The company aims to achieve small-scale production of all-solid-state batteries by 2027, continuing to lead the direction of technological development in the industry [1] Profit Forecast - Due to the strong demand in both power and energy storage businesses, the company has revised its net profit forecasts for 2025-2027 to 69.9 billion, 91.2 billion, and 115.9 billion yuan, with year-on-year growth rates of 37.7%, 30.6%, and 27.1% respectively [1] - The current price-to-earnings ratios are projected to be 24, 19, and 15 times for the respective years [1] Investment Rating - The company's global layout and technological innovation advantages continue to strengthen, maintaining a "recommended" rating [1]