平安证券：宁德时代盈利能力优良，储能后劲充足，维持“强烈推荐”评级

Core Viewpoint - Ningde Times achieved a net profit attributable to shareholders of 49.034 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 36.20% [1] - The company reported a net profit of 18.549 billion yuan in the third quarter, with a year-on-year increase of 41.21% [1] - The rapid growth in domestic and international energy storage demand presents significant opportunities for the company's future development [1] Financial Performance - Revenue growth is driven by strong product demand, with stable gross margins for energy storage products and a noticeable improvement in profitability [1] - The updated profit forecasts for 2025-2027 are 66.706 billion yuan, 85.445 billion yuan, and 106.223 billion yuan respectively, an increase from previous estimates [1] - The corresponding price-to-earnings ratios based on the closing price on October 22 are projected to be 25.5, 19.9, and 16.0 times [1] Market Opportunities - The introduction of domestic energy storage policies has led to rapid growth in the domestic energy storage market [1] - The global expansion of AI data centers is driving significant electricity demand, with solar storage systems serving as a primary power source for these centers [1] - As a leading global lithium battery company, Ningde Times has a comprehensive market layout and advanced technology in power and energy storage batteries [1] Investment Outlook - The company is recognized for its technological and cost control advantages as a leading player in the lithium battery sector [1] - There is a forward-looking layout in new technology fields such as solid-state batteries [1] - The recommendation for the company remains "strongly recommended" based on its market position and growth potential [1]