Workflow
宁德时代(300750):产品结构持续优化,市占率持续领先

Investment Rating - The report maintains a "Buy" rating for the company, projecting steady growth in product shipments and profitability [10]. Core Insights - The company achieved a revenue of 362.01 billion yuan in 2024, a year-on-year decrease of 9.7%, while the net profit attributable to shareholders was 50.75 billion yuan, an increase of 15.01% [6][10]. - The global market share for the company's power batteries reached 37.9% in 2024, marking a year-on-year increase of 1.3 percentage points, solidifying its position as the market leader [7]. - The company reported a comprehensive gross margin of approximately 24.4% for 2024, an increase of 1.54 percentage points year-on-year, driven by higher-margin products and improved capacity utilization [8]. Financial Performance - In 2024, the company generated a strong operating cash flow of 97 billion yuan, with cash reserves exceeding 300 billion yuan at year-end [6]. - The projected net profits for 2025, 2026, and 2027 are 69.31 billion yuan, 84.67 billion yuan, and 100.31 billion yuan, respectively, with corresponding P/E ratios of 16X, 13X, and 11X [10][13]. - The company’s gross margin is expected to improve to 26.2% in 2025, reflecting a continued focus on high-margin products [13]. Product Development and Market Position - The company has maintained high R&D investment, with R&D expenses of 18.61 billion yuan in 2024, representing a 1.27% increase year-on-year [9]. - New product launches include the world's first lithium iron phosphate battery with 1,000 km range and 4C fast charging capabilities, enhancing the product matrix [9]. - The company’s production capacity reached 676 GWh in 2024, a year-on-year increase of 22.46%, with a capacity utilization rate of approximately 76.33% [7].