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]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 84.705 billion yuan in Q1 2025, representing a year-on-year increase of 6.18%, and a net profit attributable to shareholders of 13.963 billion yuan, which is up 32.85% year-on-year, indicating significant profit growth driven by scale effects, cost optimization, and exchange rate gains [1][2] - The company's market share in the European power battery market has increased from 17% in 2021 to 38% in 2024, with a projected shipment volume of 120 GWh in Q1 2025, of which 80% is for power batteries and 20% for energy storage [2] - The company is expanding its market presence through partnerships, including a framework agreement with Sinopec to build a nationwide battery swap network and a strategic cooperation agreement with NIO to create the largest and most advanced passenger vehicle battery swap service network globally [3] Financial Summary - The company’s total revenue is projected to grow from 400.917 billion yuan in 2023 to 637.807 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 15.4% [4] - The net profit attributable to shareholders is expected to increase from 44.121 billion yuan in 2023 to 95.175 billion yuan in 2027, reflecting a CAGR of about 20.4% [4] - The gross margin is forecasted to improve from 19.2% in 2023 to 28.1% in 2027, indicating enhanced profitability [4] Earnings Forecast and Investment Rating - The updated net profit forecasts for 2025, 2026, and 2027 are 63.888 billion yuan, 79.051 billion yuan, and 95.175 billion yuan, respectively, with year-on-year growth rates of 25.9%, 23.7%, and 20.4% [5] - The price-to-earnings (P/E) ratios for 2025 and 2026 are projected to be 16.0 and 12.9 times, respectively, maintaining the "Buy" rating [5]

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 ...

Core Viewpoint - CATL is accelerating its battery swapping business by partnering with Sinopec to build a nationwide battery swapping network, aiming for 500 stations this year and a long-term goal of 10,000 stations [1][2]. Group 1: Partnership Details - CATL and Sinopec signed a cooperation framework agreement to deepen their strategic partnership and jointly develop a battery swapping ecosystem [1][2]. - The collaboration will involve both industrial and capital cooperation, focusing on building a standardized and scalable battery swapping network [2][3]. - The partnership aims to leverage Sinopec's extensive gas station infrastructure and CATL's advanced battery technology to enhance the efficiency of energy supply networks [2][3]. Group 2: Market Context and Goals - The automotive industry's shift towards electrification is driving demand for a more comprehensive energy supply network, with CATL aiming to make battery swapping as convenient as refueling [3][4]. - CATL has already collaborated with several major automakers to develop battery swapping-compatible vehicles, including models from Chang'an, Aion, and FAW [3][4]. - CATL plans to establish 1,000 battery swapping stations by 2025, with a long-term vision of 30,000 to 40,000 stations by 2030 [4]. Group 3: Current Infrastructure - Sinopec has built 30,000 comprehensive energy stations and has a customer base exceeding 300 million, serving around 20 million customers daily [3]. - CATL's subsidiary, Times Electric, has been focusing on the battery swapping business since its establishment in 2021, indicating a significant investment in this sector [4]. Group 4: Future Outlook - The partnership is expected to create a robust battery swapping ecosystem that supports China's dual carbon goals, integrating services for people, vehicles, energy, and lifestyle [2][4]. - CATL's CEO has expressed confidence that battery swapping, home charging, and public charging will each hold a significant share of the market by 2030 [4].