宁德时代：公司季报点评：Q3毛利率提升明显，加回减值后业绩亮眼

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company's Q3 2024 net profit attributable to the parent company was impressive, with a gross margin increase of 4.53 percentage points quarter-on-quarter. The revenue for the first three quarters of 2024 was 259.05 billion yuan, down 12.1% year-on-year, while the net profit was 36 billion yuan, up 15.6% year-on-year. In Q3 2024, revenue was 92.28 billion yuan, down 12.5% year-on-year, but net profit increased by 26% year-on-year to 13.14 billion yuan. After accounting for a long-term asset impairment of 5.22 billion yuan, the adjusted net profit for Q3 reached 18.36 billion yuan, up 76.1% year-on-year, indicating strong performance [5][6]. Summary by Sections Financial Performance - In Q3 2024, the company's gross margin was 31.17%, showing a significant increase of 4.53 percentage points quarter-on-quarter. The revenue for the first three quarters of 2024 was 2590.5 billion yuan, with a year-on-year decrease of 12.1%, while the net profit was 360 billion yuan, reflecting a year-on-year increase of 15.6% [5][6]. Market Position and Product Development - The company maintained a strong market position, with a global market share of 37.1% in power batteries for the first eight months of 2024, up 1.6% year-on-year. The domestic market share was 45.9%, up 3.1% year-on-year. The report anticipates that new products will account for 30%-40% of the power battery market share in 2024, potentially rising to 70%-80% by 2025 [6][8]. Profitability Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is 52.4 billion, 64.8 billion, and 78.4 billion yuan, respectively, with corresponding EPS of 11.90, 14.73, and 17.82 yuan. The report assigns a valuation range of 309.34 to 356.93 yuan based on a PE ratio of 26-30 times for 2024 [6][12]. Revenue and Cost Projections - The projected revenue for 2024 is 368.49 billion yuan, with a year-on-year decrease of 8.1%, followed by increases of 15.8% and 19.4% in 2025 and 2026, respectively. The gross margin is expected to improve to 28.5% in 2024 and reach 30.0% by 2026 [12][13].