宁德时代：公司盈利能力保持较高水准，海外前瞻性布局发力在即

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company's profitability remains at a high level, with a strong focus on overseas expansion and product differentiation to maintain its leading position in the battery industry [5][7] - Despite a decline in revenue for the first half of 2024, net profit increased due to cost reductions from raw material price drops and improved product mix [2][5] - The company is well-positioned in the European market, with ongoing capacity expansion and a strong market share in both power and energy storage batteries [7] Financial Summary - Revenue for 2022 was 328,594 million, with a projected increase to 567,402 million by 2026, reflecting a compound annual growth rate [1] - Net profit for 2022 was 30,729 million, expected to grow to 66,441 million by 2026, indicating strong profitability growth [1] - The company's return on equity (ROE) is projected to remain robust, with values of 21.3% in 2023 and 20.3% in 2024 [1] Revenue Breakdown - In H1 2024, the company reported revenue of 1,667.67 billion, a year-on-year decrease of 11.88%, while net profit increased by 10.37% [2] - The power battery system and battery mineral resources businesses saw revenue declines of 19.20% and 7.84%, respectively, while energy storage systems and battery materials saw growth of 3% and 13.02% [2] Market Position - The company holds a leading market share of 46.38% in the domestic power battery sector, significantly ahead of its closest competitor [5] - The company is focusing on differentiated products, such as the 4C ultra-fast charging battery, to capture new market segments [5][9] European Market Strategy - The company has maintained its leading position in the European market, with ongoing construction of factories in Germany and Hungary to support future growth [7] - The European market is expected to grow significantly due to the shift towards electric vehicles and supportive regulations [7]