宁德时代：一季度业绩表现出色，全球市场拓展顺利-20250509

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting the stock to outperform the market by over 20% within the next six months [11]. Core Views - The company reported strong performance in Q1 2025, achieving revenue of 84.7 billion yuan, a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 13.96 billion yuan, up 32.9% year-on-year [3][6]. - The company is expanding its global market presence, particularly in Europe, where its market share in the power battery sector has increased from 17% in 2021 to 38% in 2024 [6]. - The company is actively developing new business models, including battery swapping and commercial vehicle power batteries, which are expected to drive future growth [7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 84.7 billion yuan, with a year-on-year growth of 6.2% and a quarter-on-quarter decline of 17.7%. The net profit attributable to shareholders was 13.96 billion yuan, reflecting a year-on-year increase of 32.9% [3][6]. - The operating cash flow remained strong at 32.9 billion yuan, with cash and cash equivalents exceeding 320 billion yuan at the end of the quarter [3]. Market Expansion - The company has seen significant growth in its battery sales, exceeding 120 GWh in Q1 2025, with a year-on-year increase of over 30%. The energy storage segment accounted for nearly 20% of total sales [6]. - The company is focusing on expanding its battery swapping network, planning to build 1,000 battery swap stations by 2025, and has signed strategic agreements with major partners to enhance its market presence [7]. Future Projections - The company forecasts a net profit of 66.26 billion yuan for 2025, with expected growth rates of 30.3% and 19.9% for 2026 and 2027, respectively [5][9]. - The report anticipates continued growth in global lithium battery demand, particularly in Europe and emerging markets, which will benefit the company's market position [7].