以下文章来源于阿尔法工场Green ，作者琥珀 阿尔法工场Green . 聚焦清洁能源行业，提供最新的绿色能源公司资讯、技术创新和ESG行业趋势。 作者 | 琥珀 来源 | 阿尔法工场Green 导语 ：多家车企近年积极培育第二供应商，分散了对宁德时代的订单。为了进一步绑定下游， 去年中，宁德时代与小米汽车、北汽海蓝芯等成立动力电池公司。 "小米SU7三人身亡事故"，不仅撕开了智能驾驶安全争议的伤疤，更将动力电池供应商宁德时代 （300750.SZ）也推向了风暴中心。 4月2日上午，小米汽车官网客服热线人员称，小米SU7分为标准版、Pro版以及Max版。其中，标准 版搭载的是比亚迪子公司弗迪刀片电池或宁德时代电池，两种电池随机混装；而Pro版以及Max版， 则仅搭载宁德时代生产的电池。 小米汽车已与宁德时代全面合作。双方深度绑定，是宁德时代在车企"去中心化"的趋势下，新战略 的体现。 不过，若调查结果最终指向宁德时代，将为其箭在弦上的港股上市进程，蒙上一层阴影。 2025年3月25日，宁德时代发布公告称，其赴港上市计划已获中国证监会备案，拟发行不超过 2.2017亿股境外上市普通股，预计募资规模至少达50亿美 ...

Group 1: Industry Outlook and Performance Expectations - The domestic engineering machinery market is expected to enter a new upward cycle in 2025, driven by natural equipment updates and favorable policies, with a projected revenue of CNY 34.6 billion and an increase in net profit margin by over 1 percentage point [3] - Overseas demand is anticipated to continue declining but at a slower rate, with emerging markets maintaining moderate to high growth [3] Group 2: Financial Performance and Margins - The company's gross margin decreased in Q4 2024 due to new accounting standards, but it is expected to improve under previous accounting policies [3] - The company achieved a 20% increase in overseas revenue in 2024, outperforming the industry by 22 percentage points [3] Group 3: Strategic Development and Market Position - The company has a comprehensive mining equipment matrix and plans to launch a 200-ton mining excavator in H1 2025, with a focus on internationalization and intelligent solutions [6] - The company maintains a leading market share in electric loaders, with a projected 500% increase in overseas sales in 2024 [4] Group 4: Cost Management and Profitability - A strategic cost control system will be established to enhance profitability, focusing on R&D, procurement, and manufacturing [7] - The company aims to maintain a dividend payout ratio of over 40%, with a 2023 dividend rate of 45% [8] Group 5: Risk Management and Asset Quality - In 2024, credit and asset impairment losses were CNY 579 million, accounting for 2% of revenue, showing significant improvement from 2023 [9] - The company plans to enhance risk management and optimize asset quality as key operational goals for 2025 [9]

Group 1: Industry Outlook and Performance Expectations - The domestic engineering machinery market is expected to see a significant increase in demand in 2025, with a projected revenue of CNY 34.6 billion and a net profit margin improvement of over 1% [3] - Overseas demand is anticipated to continue declining, but at a reduced rate, with emerging markets maintaining moderate to high growth [3] Group 2: Financial Performance and Margins - The company's gross margin decreased in Q4 2024 due to new accounting standards, but the gross margin is expected to improve under previous accounting policies [3] - The company achieved a 20% revenue growth in overseas markets, with emerging markets seeing a 30% increase [4] Group 3: Strategic Development and Product Lines - The company plans to launch a 200-ton mining excavator in H1 2025 and has developed a comprehensive mining equipment matrix [6] - The company aims to enhance its electric loader's gross margin and expects a 500% increase in overseas sales of electric loaders in 2024 [4] Group 4: Cost Management and Profitability - A strategic cost control system will be established to lower operational costs, focusing on R&D, procurement, and manufacturing [7] - The company aims to maintain a dividend payout ratio of over 40%, with a 2023 dividend rate of 45% [8] Group 5: Risk Management and Asset Quality - In 2024, the company reported credit and asset impairment losses of CNY 579 million, accounting for 2% of revenue, with a significant improvement from 2023 [9] - The company plans to enhance risk management and optimize asset quality as key operational goals for 2025 [9]