宁德时代：产品结构持续优化，市占率持续领先-20250401

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected strong performance in the coming years [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 company holds a leading global market share in the power battery sector, with a 37.9% share in 2024, and a 36.5% share in the energy storage market [7]. - The company continues to invest heavily in R&D, with R&D expenses reaching 18.61 billion yuan in 2024, representing 5.14% of revenue [9]. Financial Performance - In 2024, the company reported a comprehensive gross margin of approximately 24.4%, with a notable increase in the gross margin of its energy storage business to 26.8% [8]. - The company’s operating cash flow was strong, amounting to 97 billion yuan, with cash reserves exceeding 300 billion yuan at the end of the year [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]. Market Position - The company’s global installed capacity of power batteries reached 339.3 GWh in 2024, marking a year-on-year increase of 1.3 percentage points [7]. - The domestic market share for the company in 2024 was 45.1%, reflecting a 1.9 percentage point increase year-on-year [7]. - The company’s production capacity increased by 22.46% year-on-year to 676 GWh in 2024, with a capacity utilization rate of approximately 76.33% [7]. Product Development - The company has launched several innovative products, including the world's first lithium iron phosphate battery with 1,000 km range and 4C fast charging capabilities [9]. - The introduction of high-margin products is expected to support gross margin improvements in 2025, with projections indicating that high-margin products will account for 60-70% of sales [8].