宁德时代：业绩符合预期，海外持续推进

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 348.87 CNY, based on a projected PE of 29 times for 2024 [2][5]. Core Insights - The company reported a net profit attributable to shareholders of 36.001 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 15.59%. The net profit for Q3 alone was 13.136 billion CNY, up 25.97% year-on-year and 6.32% quarter-on-quarter [1]. - The company has seen strong cash flow performance, with operating cash flow net amounting to approximately 22.735 billion CNY, a 45% increase year-on-year [1]. - New products, including the Shenxing and Kirin batteries, have started large-scale production, contributing to a stable unit profit and expected to account for 30-40% of the company's power battery shipments in the future [1]. - The company achieved a global market share of 37.1% in power battery usage from January to August 2024, an increase of 1.6 percentage points year-on-year, with a domestic market share of 45.9%, up 3.1 percentage points [1]. - The gross profit margin for Q3 was approximately 31.17%, reflecting an increase of 8.7 percentage points year-on-year and 4.5 percentage points quarter-on-quarter [1]. Financial Summary - The company’s revenue for 2023 is projected at 400.917 billion CNY, with a year-on-year growth of 22%. The net profit for 2023 is expected to be 44.121 billion CNY, a 43.6% increase from the previous year [4]. - For the years 2024, 2025, and 2026, the net profit is forecasted to be 52.952 billion CNY, 64.808 billion CNY, and 76.879 billion CNY respectively, with corresponding PE ratios of 20.6, 16.8, and 14.2 [2][4].