研报掘金丨平安证券：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 growth in revenue is attributed to strong product demand and stable gross margins in energy storage products, indicating a significant improvement in profitability [1] Domestic Market - The introduction of the 136 document for energy storage has led to rapid growth in the domestic energy storage market, with various provinces issuing related guidelines [1] - The domestic market is expected to benefit from the increasing demand for energy storage solutions [1] Global Market - The rapid expansion of global AI data centers has created substantial electricity demand, with solar storage systems serving as a primary power source for these centers, providing long-term stable green power output [1] - As a leading global lithium battery company, Ningde Times has a comprehensive market layout and advanced technology in both power and energy storage batteries [1] Financial Forecast - The global demand for power storage is rapidly increasing, prompting an upward revision of the company's profit forecasts for 2025-2027 to 66.706 billion, 85.445 billion, and 106.223 billion yuan, respectively [1] - The previous profit forecasts were 66.400 billion, 79.905 billion, and 93.104 billion yuan [1] - The price-to-earnings ratios corresponding to the closing price on October 22 are projected to be 25.5, 19.9, and 16.0 times for the years 2025, 2026, and 2027, respectively [1] Investment Recommendation - The company is viewed favorably due to its technological and cost control advantages as a leading global lithium battery enterprise, along with its forward-looking layout in new technology fields such as solid-state batteries [1] - A "strong buy" rating is maintained for the company [1]