宁德时代：经营性利润超预期，产品结构持续向上

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a Q3 2024 revenue of 92.28 billion yuan, a year-on-year decrease of 12.5% but a quarter-on-quarter increase of 6.1%. The net profit attributable to the parent company was 13.14 billion yuan, showing a year-on-year increase of 26% and a quarter-on-quarter increase of 6.3%. The company recognized an asset impairment loss of 4.74 billion yuan in Q3 2024, which increased by approximately 3 billion yuan from Q2 [2][3] - The company shipped 330 GW in the first three quarters, with a quarter-on-quarter increase of over 15% in Q3. The company expects a year-on-year growth of 15% to 20% in power shipments for 2025, while energy storage is projected to grow at 50% for the year [3] - The company’s gross margin is expected to improve significantly due to a favorable product mix and a decrease in lithium carbonate prices. The core products, Shenxing and Kirin batteries, are anticipated to increase their market share, enhancing profitability [3] Financial Summary - The company’s adjusted net profit forecasts for 2024, 2025, and 2026 are 50.4 billion yuan, 63.4 billion yuan, and 77.9 billion yuan, respectively, representing year-on-year growth rates of 14.2%, 25.8%, and 22.8% [3][4] - The projected revenue for 2024, 2025, and 2026 is 375.996 billion yuan, 445.264 billion yuan, and 531.049 billion yuan, with year-on-year growth rates of -6.2%, 18.4%, and 19.3% [4] - The company’s price-to-earnings (P/E) ratios for 2024 and 2025 are estimated to be 21.5 and 17.1, respectively [3][4]