宁德时代：盈利能力稳定，储能业务占比提升

Investment Rating - The report maintains a "Buy" rating for the company [2][15]. Core Insights - The company reported a stable profitability with a revenue of 166.77 billion yuan for the first half of 2024, a year-on-year decrease of 11.9%, while the gross margin improved to 26.5%, up by 4.9 percentage points [1][7]. - The net profit attributable to shareholders reached 22.86 billion yuan, reflecting a year-on-year increase of 10.4%, with a net profit margin of 13.7%, up by 2.76 percentage points [1][7]. - In the second quarter of 2024, revenue was 87 billion yuan, down 13.2% year-on-year but up 9.1% quarter-on-quarter, with a net profit of 12.36 billion yuan, marking a year-on-year increase of 13.4% and a quarter-on-quarter increase of 17.6% [1][7]. - The company has increased its R&D investment, with R&D expenses reaching 4.25 billion yuan in Q2 2024 [1][10]. - The company's market share in the global market reached 37.5% from January to May 2024, an increase of 2.3 percentage points year-on-year, maintaining its position as the global leader [1][13]. Financial Summary - The company’s revenue projections for 2024-2026 have been adjusted to 409.09 billion yuan, 501.96 billion yuan, and 597.42 billion yuan respectively, while net profit estimates have been raised to 50.558 billion yuan, 59.537 billion yuan, and 70.498 billion yuan for the same period [2][15]. - The gross margin is expected to be 26.4% in 2024, with a net profit margin of 12.4% [3][15]. - The company’s earnings per share (EPS) are projected to be 10.03 yuan, 11.49 yuan, 13.53 yuan, and 16.03 yuan for 2024 to 2026 [3][15].