日前，宁德时代5月份第100座巧克力换电站在上海浦东金亮路正式落地。自业务启动不到180天，巧克力换电已成 功进驻全国24个城市，实现单月新建百站。 今年以来，宁德时代更是不断在换电领域发力，相继与蔚来、中石化等企业围绕新能源汽车换电生态网络达成战 略合作。在今年上海车展上，宁德时代更是联合多家车企共同发布10款巧克力换电新车型，加速布局新能源汽车 换电赛道。 国际智能运载科技协会秘书长张翔认为，随着动力电池巨头宁德时代的强势入局，换电产业逐渐步入新发展阶段 有望被更多消费者接受，这对蔚来而言同样会构成积极因素。同时，也不可避免会对蔚来构成直接竞争影响。 宁王布局换电 在换电领域，宁德时代动作频频。 围绕新能源汽车补能路线，曾毓群曾判断称，基于市场的需求，到2030年，换电、家充、公共充电桩将"三分天 下"。 而基于对行业趋势的判断，宁德时代正加速布局换电领域。在2024宁德时代巧克力换电生态大会上，他公开表 示，换电最核心的是电池尺寸的标准化，对标加油，汽油有92号和95号，而巧克力换电也将使用两种标准换电 块，宁德时代把它命名为20号和25号换电块。 今年3月，宁德时代先是与蔚来签署战略合作协议，通过构建 ...

Core Viewpoint - Recently, Hanchuan Intelligent filed a lawsuit against CATL and its subsidiaries for payment delays, constituting serious breach of contract, leading to a significant drop in CATL's stock prices on the following trading day [1][2]. Group 1: Lawsuit Details - Hanchuan Intelligent has initiated four lawsuits against CATL and its subsidiaries, with a total claim amount of approximately 60.88 million yuan [2]. - The lawsuit claims that CATL and its subsidiaries failed to fulfill their payment obligations despite receiving equipment and services as per multiple contracts signed for battery swap stations [2][3]. Group 2: Financial Implications - As of the end of Q1 this year, CATL's accounts payable reached 128.66 billion yuan, showing a sevenfold increase over four years [5]. - During the same period, CATL's accounts receivable also increased nearly fivefold, indicating a significant growth in both payables and receivables [5]. Group 3: Market Reaction - Following the lawsuit announcement, CATL's stock price fell over 6% in Hong Kong and more than 4% in A-shares on May 26 [1][5]. - CATL's stock closed at 255.90 yuan per share in A-shares and 314.00 HKD per share in Hong Kong after the decline [5]. Group 4: Business Operations - CATL is actively promoting battery swap stations, planning to build 1,000 stations this year and has entered into strategic partnerships with companies like Sinopec and NIO to expand its battery swap network [4].

m 2025 年 5 月 21 日 | H70455@capital.com.tw | | --- | | 沈嘉婕 目标价(港币/人民币元) 370/330 | 公司基本资讯 | 产业别 | | 电气设备 | | --- | --- | --- | | A 股价(2025/5/20) | | 263.00 | | 深证成指(2025/5/20) | | 10249.17 | | 股价 12 个月高/低 | | 294.17/162.75 | | 总发行股数(百万) | | 4538.97 | | A 股数(百万) | | 3902.56 | | A 市值(亿元) | | 10263.72 | | 主要股东 | | 厦门瑞庭投资 | | | | 有限公司 | | | | (23.27%) | | 每股净值(元) | | 53.22 | | 股价/账面净值 | | 4.94 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 18.7 -1.2 | 32.8 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-4-14 | 224 | 买进 ...

群益证券(香港)有限公司沈嘉婕近期对宁德时代（300750）进行研究并发布了研究报告《港股上市加速全球布局，积极推进重卡换电生态》，上 调宁德时代目标价至330.0元，给予增持评级。 宁德时代 结论与建议： 5月20日公司在港交所正式挂牌上市，发行价格为263港元/股(与A股价格基本持平)，全球发售1.56亿股(超额配售权已行使)，募集规模约53亿美 元。港股上市将使公司更好地对接全球资本市场，加速全球布局。 2025年我们预计动力电池和储能电池整体市场需求将同比增30%，公司作为行业龙头电池出货量将保持较快增长。Q2公司排产仍旧饱满，出货量 增长可期。价格方面，目前原材料价格底部趋稳，公司盈利能力有望保持稳定。公司对美国的出口量占比在个位数，并且非美地区需求增长较 快，美国加征关税对整体出口影响有限。我们预计公司2025/2026/2027年的净利润分别为646/740/844亿元，YOY分别为+27%/+15%/+14%，EPS为 14.7/16.8/19.2元。当前股价对应H股2025/2026/2027年P/E分别为18.4/16/14倍,对应A股2025/2026/2027年P/E分别为18/15. ...

m 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-4-14 | 224 | 买进 | | 产品组合 | | | --- | --- | | 动力电池 | 70% | | 储能电池 | 16% | | 电池材料 | 8% | 机构投资者占流通 A 股比例 | 基金 | 17.7% | | --- | --- | | 一般法人 | 47.3% | 股价相对大盘走势 C o m p a n y U p d a t e 2025 年 5 月 21 日 | H70455@capital.com.tw | | --- | | 沈嘉婕 目标价(港币/人民币元) 370/330 | 公司基本资讯 | 产业别 | | 电气设备 | | --- | --- | --- | | A 股价(2025/5/20) | | 263.00 | | 深证成指(2025/5/20) | | 10249.17 | | 股价 12 个月高/低 | | 294.17/162.75 | | 总发行股数(百万) | | 4538.97 | | A 股数(百万) | | 3902.56 | | ...

利润端： 2025Q1扣非归母净利润为-8.9亿元，同比/环比分别为-229.9%/-64.0%。利润转负主要受影响于汽车销量下滑、市场竞争加剧、促销投入加大、政府补助同 比减少等综合所致。 费用端： 2025Q1销售/管理/研发/财务费用率分别为6.3%/5.6%/-1.4%/1.9%，同比分别为0.4pts/0.9pts/-1.1pts/0.2pts，环比分别为3.4pts/2.0pts/-1.0pts/-0.5pts。 01 事件概述 公司发布2025Q1业绩：2025Q1营业总收入为198.8亿元，同比/环比为-7.8%/-39.8%；2025Q1归母净利润-7.3亿，同比/环比转负；2025Q1扣非归母净利润为-8.9亿 元，同比转负，环比减亏64.0%。 ► 营收短期承压 单车ASP有所上升 收入端： 2025Q1营业总收入为198.8亿元，同比/环比分别为-7.8%/-39.8%。 ► 合资整体承压 自主小幅下滑 公司2025Q1批发合计37.1万辆，同比-9.4%。分品牌来看，合资品牌方面，广汽本田205Q1批发9.3万辆，同比-20.7%；广汽丰田2025Q1批发16.2万辆，同比+3.6% ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 8.04 CNY per share, corresponding to a PB of 0.7 for the years 2025-2027 [6][3]. Core Views - The company reported a total revenue of 19.88 billion CNY in Q1 2025, reflecting a year-on-year decrease of 7.8% and a quarter-on-quarter decrease of 39.8%. The net profit attributable to shareholders was -730 million CNY, indicating a significant decline compared to the previous year [1][2]. - The company is facing short-term revenue pressure, but the average selling price (ASP) per vehicle has increased. The decline in profits is attributed to decreased vehicle sales, intensified market competition, increased promotional spending, and reduced government subsidies [1][2]. - The company is focusing on smart driving technology as a core strategy and is expanding its battery swap station network in collaboration with CATL. This dual approach aims to drive the company out of its current operational downturn [3][2]. Summary by Sections Revenue and Profitability - In Q1 2025, the total revenue was 19.88 billion CNY, down 7.8% year-on-year and 39.8% quarter-on-quarter. The net profit attributable to shareholders was -730 million CNY, with a non-recurring net profit of -890 million CNY, marking a year-on-year decline of 229.9% [1][2]. - The sales, management, R&D, and financial expense ratios were 6.3%, 5.6%, -1.4%, and 1.9%, respectively, showing year-on-year changes of 0.4pts, 0.9pts, -1.1pts, and 0.2pts [1]. Sales Performance - The total wholesale volume in Q1 2025 was 371,000 vehicles, a decrease of 9.4% year-on-year. The breakdown shows that GAC Honda sold 93,000 vehicles (-20.7%), GAC Toyota sold 162,000 vehicles (+3.6%), GAC Trumpchi sold 69,000 vehicles (-19.0%), and GAC Aion sold 47,000 vehicles (-3.6%) [2][3]. Strategic Initiatives - The company has launched several new electric vehicle models and is enhancing its product matrix to better position itself in the new energy and intelligent vehicle sectors. This includes the introduction of various electric SUVs and sedans [2]. - The strategic partnership with CATL aims to implement battery swap standards across more models and expand the battery swap station network, which is expected to support the company's recovery [3]. Financial Forecast - The projected revenues for 2025, 2026, and 2027 are 124.69 billion CNY, 144.15 billion CNY, and 167.35 billion CNY, respectively. The net profit attributable to shareholders is expected to be 875 million CNY, 1.15 billion CNY, and 2.37 billion CNY for the same years [5][9].

总冠名： 众钠能源 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 2025高工钠电 产业峰会 主办单位： 高工钠电、高工产业研究院（GGII） 此外，广汽集团作为首家与巧克力换电全生态合作的车企，将在更多旗下车型引入巧克力标准，并在换电站建设、电池银行业务、换电车型营销推广及 退役电池梯次利用等多领域与宁德时代展开全面合作。 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 4 月 2 3 日， 上海车展期间 ，宁德时代举办巧克力换电新车型发布仪式，并与广汽集团签署全面战略合作协议。活动现场，宁德时代巧克力换电与 一汽、长安、北汽、奇瑞、广汽五大车企共同发布 10 款巧克力换电新车型。 本次携手五大车企发布的 10 款换电新车型，覆盖行政商务、家庭出行、年轻化代步等多元场景。 其中，一汽红旗推出首款巧克力 B+ 级换电轿车 EH7 ；长安汽车推出十万内通勤轿车启源 A05 、中大型数智轿车启源 A07 和深蓝 SL03 运动轿 ...

Group 1 - The core announcement from CATL's Super Technology Day includes the launch of three new battery products: sodium-ion passenger vehicle battery, Xiaoyao dual-core battery, and the second-generation Shenxing supercharging battery, along with a sodium-ion 24V heavy truck battery [2][3] - The Xiaoyao dual-core battery is described as a continuation of the AB battery technology introduced in 2020, allowing for the integration of two different battery chemistries within a single battery pack, enhancing performance and safety [3][4] - CATL's chairman emphasized that the dual-core to multi-core innovation will extend beyond passenger vehicles to electric buses, heavy trucks, aircraft, ships, and industrial applications, accelerating the industrialization of new energy across various scenarios [4] Group 2 - The sodium-ion battery technology has reached significant breakthroughs, addressing previous limitations in energy density, lifespan, safety, and cycling, thus facilitating the arrival of the multi-core era [5] - The first sodium-ion product, the sodium-ion 24V heavy truck battery, is set to begin mass production in June 2023, while the sodium-ion power battery will be launched in December 2023 [5] - The second-generation Shenxing supercharging battery can achieve over 520 kilometers of range with just 5 minutes of charging and has improved low-temperature performance, enhancing charging efficiency by 100% compared to current industry standards [5] Group 3 - CATL maintains a dominant position in the power battery sector, holding a market share of 37.9% as of the end of 2024, and has reported a revenue of 84.7 billion yuan and a net profit of 13.96 billion yuan for Q1 2025, reflecting a year-on-year growth of 32.9% [6] - The company is actively exploring a "second growth curve" in areas such as battery swapping, energy storage, and international markets to counteract the slowing growth in its core battery business [6][7] - In the energy storage sector, CATL achieved a sales volume of 93 GWh in 2024, with a market share of 36.5%, and its energy storage systems generated revenue of 57.29 billion yuan, surpassing power batteries as the primary profit contributor [8] Group 4 - CATL has signed a framework agreement with Sinopec to build a nationwide battery swapping network, aiming to establish at least 500 swapping stations by 2025, with a long-term goal of expanding to 10,000 stations [7] - The company is also pursuing international expansion through a secondary listing in Hong Kong, aiming to raise approximately 50 billion yuan to support overseas capacity expansion and international business development [8]

撰 文 / 张霖郁 设 计 / 琚 佳 设 计 / R e u t e rs 据路透社报道，宁德时代正与蔚来洽谈蔚来能源的控股权。 消息人士称，宁德时代是在3月17日晚宣布向蔚来能源注入不超过25亿元的战略投资后提出该项提 议。 截至到4月6日，蔚来共有3245座换电站。 消息人士没有透露宁德时代对这一交易的报价，不过其中一位人士表示，2024年的一轮融资中， 蔚来能源的估值超过100亿元。 关于此项谈判，宁德时代没有回应路透社的询问请求。 蔚来回应路透社的置评请求时回复道："蔚来汽车和宁德时代将深化资本和业务合作，进一步巩固 战略合作伙伴关系，共同打造全球最大的换电网络。" 宁德时代正加大对换电设施的投资，董事长曾毓群希望找到新的增长点，重塑这家已成立25年的 龙头企业，力图从电池制造成功转向绿色能源供应商。 宁德时代的目标是让中国三分之一的加油站转型为绿色能源补给站。 2024年12月18日，其举行了"巧克力换电生态大会"，当时发布了新一代换电解决方案，宁德时代 宣布将自建1000座换电站，推出20号、25号两种标准化换电电池。同时，与其他企业成为合作伙 伴，计划构建换电新生态。 4个多月后，2025年4 ...