1 11 e 1 - rman - x 1 11 7 111 .. J vin 8 - . (0) , - . - I y- a I a - . . . . " " . 77 -11 99 4 3 r e 58 41 ri GRA - - - 出品 | 搜狐财经 作者 | 王泽红 5月13日，宁德时代在香港的公开发售部分已获得21倍超额认购，吸引了总计517亿港元的融资认购。 此前一天，这家新能源巨头开启全球发售，此次赴港IPO共计划发行1.18亿股股份，发行价最高不超过263港元，按最高价估算，预计募资资金净额约307亿 港元。 其中，香港公开发售884.2万股，约占全球发售总数的 7.5%；国际发售1.09亿股股份，约占全球发售总数的 92.5%。 此外，宁德时代令设发售量调整权及超额配股权，若两项权力全数行使，募资净额将达406.36亿港元，有望成为2025年港股市场规模最大的IPO项目。 按照时间安排，全球发售于5 月 15 日结束，5 月16 日前（含当日）公布发行价格。5月20日，宁德时代在香港联交所挂牌上市。 一场资本盛宴，基投认购超200亿港元 从其定价来看，基本为5月8日的A股收盘价，接近A ...

2. 战略布局海外产能建设，提升供应能力，与海外大客户合作进一步深化。公司持续强化海外生产供应 能力建设，其中1）美国子公司顺利通过三方体系认证和客户二方认证，实现对美国订单的顺利承接， 2）泰国子公司建立了内窥镜和光源模组生产能力，实现公司绝大多数对美销售产品的生产，可与美国 子公司、国内工厂实现内部调节和生产协同，并灵活应对中美贸易政策变化。此外，公司已与美国客户 开展下一代系统的协助研发，产品覆盖范围将从普外科扩展到运动医学、妇科、泌尿、关节以及头颈外 科等科室，持续深化与海外大客户的合作。 盈利预测：我们预计公司2025-2027 年营收分别为5.52、6.76、8.12 亿元，同比增速分别为24.64%、 22.54%、20.00%，归母净利润分别为1.87、2.34、2.83 亿元，同比增速分别为38.00%、25.50%、 20.92%，对应当前股价PE 分别为22、18、15 倍，维持"推荐"评级。 风险提示：研发及上市进度不及预期，市场竞争加剧，行业政策变动风险，市场拓展不及预期，海外订 单恢复不及预期等。 事件： 公司发布2024 年度及2025 年一季度报告，2024 年实现营业收入4. ...

Core Viewpoint - The company reported a revenue of 362.01 billion yuan for 2024, a year-on-year decrease of 9.7%, while achieving a net profit attributable to shareholders of 50.75 billion yuan, a year-on-year increase of 15.0% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 102.97 billion yuan, a year-on-year decrease of 3.1%, but a quarter-on-quarter increase of 11.6%. The net profit attributable to shareholders was 14.74 billion yuan, a year-on-year increase of 13.6% and a quarter-on-quarter increase of 12.2% [1] - For Q1 2025, the company reported a revenue of 84.71 billion yuan, a year-on-year increase of 6.2%, but a quarter-on-quarter decrease of 17.7%. The net profit attributable to shareholders was 13.96 billion yuan, a year-on-year increase of 32.9% [1] Profitability and Cost Control - The company maintained stable profitability with a gross profit margin of 24.4% and a net profit margin of 14.9% for 2024, reflecting year-on-year increases of 1.5 percentage points and 3.3 percentage points, respectively [2] - In Q1 2025, the gross profit margin was 24.4%, while the net profit margin increased to 17.5%, showing a year-on-year increase of 3.5 percentage points [2] - The company effectively controlled its expense ratios, with sales, management, R&D, and financial expense ratios for 2024 at 1.0%, 2.7%, 5.1%, and -1.1%, respectively [2] Market Position and Product Innovation - The company maintained a leading market share with a sales volume of 381 GWh for power battery systems in 2024, a year-on-year increase of 18.85%, achieving a global market share of 37.9% [3] - The sales volume for energy storage battery systems reached 93 GWh, a year-on-year increase of 34.32%, with a global market share of 36.5% [3] - The company launched innovative products such as the Tianheng energy storage system and the Shenxing Plus battery, enhancing its competitive edge [3] Capacity Expansion and International Development - The company has a current capacity of approximately 676 GWh, with an additional 219 GWh under construction [3] - The German factory's capacity is gradually increasing, and the company has received dual certification from the Volkswagen Group for module testing and cell testing laboratories [3] - Ongoing projects in Hungary, a joint venture factory in Spain with Stellantis, and the Indonesian battery supply chain project are expected to enhance product profitability [3] Earnings Forecast and Investment Recommendation - The company is projected to have EPS of 14.27 yuan, 17.89 yuan, and 22.34 yuan for 2025-2027, with corresponding PE ratios of 16x, 13x, and 10x [4] - The steady release of overseas capacity and the continuous launch of new products are expected to lead to a higher dividend payout ratio, maintaining a "buy" rating [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1 billion yuan in Q1 2025, reflecting a year-on-year growth of 21.3%, while the net profit attributable to shareholders decreased by 5.0% to 80 million yuan [1] - The company is expanding its overseas production capacity, with plans to raise up to 1.524 billion yuan through a private placement to enhance its competitive strength [2] - The gross margin for Q1 2025 was 15.8%, down by 1.6 percentage points year-on-year, and the net margin was 8.1%, down by 2.2 percentage points [1][2] Financial Performance Summary - Revenue is projected to grow from 2.775 billion yuan in 2023 to 7.422 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20.3% [4] - The net profit attributable to shareholders is expected to increase from 322 million yuan in 2023 to 721 million yuan in 2027, with growth rates of 7.9%, 27.5%, 15.0%, 24.5%, and 22.7% for the respective years [4] - The earnings per share (EPS) is forecasted to rise from 0.87 yuan in 2023 to 1.94 yuan in 2027 [4] Investment Strategy - The company aims to optimize its domestic and overseas production layout, focusing on the construction of new facilities in Thailand and Vietnam to enhance its product offerings [2] - The report anticipates a steady increase in net profit for the years 2025 to 2027, with expected figures of 4.7 billion yuan, 5.9 billion yuan, and 7.2 billion yuan respectively [2]

Group 1: Financial Performance - In Q1 2025, the company reported a revenue of 1.541 billion, representing a year-on-year growth of 10.1% [3] - The net profit attributable to shareholders was 327 million, with a year-on-year increase of 15.8% [3] - The net profit excluding non-recurring gains and losses grew by 20% year-on-year [3] Group 2: Business Segments - The small molecule CDMO business revenue remained flat, with a gross margin of 45.2% [3] - Emerging business revenue grew over 80% year-on-year, with a gross margin of 33.1% [3] - The company is focusing on expanding its capabilities in peptide, oligonucleotide, and ADC businesses [3] Group 3: Cost Management and Efficiency - The net profit growth outpaced revenue growth by 5.73 percentage points, indicating effective cost management [3] - The company is implementing cost reduction measures, resulting in a decrease in period expenses [3] - Capital expenditures will focus on emerging business areas, with limited new capital for small molecule capacity [3] Group 4: Market Outlook and Strategy - The company maintains a positive outlook for 2025, expecting double-digit revenue growth and net profit growth to exceed revenue growth [3] - There is confidence in achieving the revenue growth target based on current order coverage [4] - The company plans to enhance overseas capacity, particularly in Europe, to adapt to changing international circumstances [6] Group 5: Investor Engagement and Concerns - The company has engaged with over 240 participants from more than 100 institutions during the investor relations activity [2] - Concerns regarding the impact of the U.S. Biosecurity Act and tariff policies on business operations were addressed, indicating limited effects on competitiveness [4] - The company is actively managing supply chain challenges and maintaining communication with clients to ensure product delivery [4]