中银证券：中银晨会聚焦-20241023

Core Insights - The report highlights the strong performance of the company in the electric power equipment sector, specifically focusing on Ningde Times, which achieved a net profit of 36 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 15.59% [2][3] - The company's operating gross margin has shown significant improvement, solidifying its position as an industry leader [2][3] Financial Performance - For the first three quarters of 2024, the company reported a revenue of 259.045 billion yuan, a decrease of 12.09% year-on-year, while the net profit attributable to shareholders reached 36.001 billion yuan, up 15.59% year-on-year [3] - In Q3 2024, the company achieved a revenue of 92.278 billion yuan, down 12.48% year-on-year, but the net profit increased by 25.97% year-on-year to 13.136 billion yuan, with a quarter-on-quarter growth of 6.32% [3] - The company's gross margin for the first three quarters of 2024 was 28.19%, an increase of 6.27 percentage points year-on-year, with Q3 2024 gross margin reaching 31.17%, up 4.53 percentage points quarter-on-quarter [3] Market Position - The company has steadily increased its market share in both global and domestic markets, holding a 37.1% share of the global power battery market from January to August 2024, an increase of 1.6 percentage points year-on-year [3] - The total sales volume for the first three quarters of 2024 approached 330 GWh, with Q3 sales showing a more than 15% increase quarter-on-quarter, and over 20% of sales coming from energy storage [3] Capacity and Expansion - The company's capacity utilization rate is running at a high level, with Q3 2024 utilization showing a more than 10 percentage point increase [3] - Progress on overseas production facilities is on track, with the German factory aiming for breakeven by the end of the year and the Hungarian factory's first phase construction proceeding as planned, expected to commence production next year [3]