宁德时代：三季度销量环比较快增长，盈利能力稳步提升

Investment Rating - The investment rating for the company is "Buy" [1][7] Core Views - The company has maintained a strong market position with stable profitability and significant growth in battery sales, achieving a year-on-year increase in net profit of 15.59% despite a 12.09% decrease in revenue [4][5] - The company is expected to continue its growth trajectory, with projected net profits of 521.60 billion, 655.55 billion, and 788.88 billion for the years 2024, 2025, and 2026 respectively, indicating a strong competitive edge in the global battery market [4][5] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 2590.45 billion, a decrease of 12.09% year-on-year, while net profit attributable to shareholders was 360.01 billion, an increase of 15.59% year-on-year [4] - The third quarter saw a net profit of 131.36 billion, reflecting a year-on-year increase of 25.97% and a quarter-on-quarter increase of 6.32% [5] - The gross margin for the third quarter was 31.17%, with a net margin of 15.01%, showing a slight increase in gross margin due to lower raw material costs [5] Market Position and Sales Growth - The company achieved a global market share of 37.1% in the power battery sector from January to August 2024, an increase of 1.6 percentage points year-on-year, with a dominant share of 64.9% in the commercial power battery market [5] - The company’s sales volume for the third quarter increased by over 15% compared to the second quarter, with total sales nearing 330 GWh for the first three quarters [5] Inventory and Production Capacity - The company’s inventory at the end of the third quarter was 552.15 billion, up from 480.51 billion at the end of the second quarter, attributed to increased production and sales [5] - The production capacity utilization rate has improved significantly, with expectations of maintaining high utilization in the fourth quarter [5] Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 21.38, 17.01, and 14.14 respectively, indicating a favorable valuation compared to industry peers [4][8] - The projected P/B ratios for the same years are 4.71, 3.90, and 3.23, reflecting strong asset utilization and growth potential [4][8]