摘要 宁德时代 2025 年上半年营收 1,788 亿元，毛利率达 25%，规模净利 率 17%。下半年排产紧张，保障营收增长和利润率稳定。研发费用率保 持较高水平，达 5.6%，支撑固态电池、钠电池、换电站等新技术发展。 宁德时代积极拓展海外市场，德国工厂预计 2025 年实现盈亏平衡，匈 牙利工厂具成本优势，有望提升出货速率。与福特、通用等北美客户合 作，通过合资建厂和技术授权模式灵活应对国际市场需求。 欧洲主要车企逐步增加宁德时代订单比例，为未来发展提供积极指引。 欧洲新电池法推动宁德时代在欧洲动力电池市场突破，公司在技术、产 能和法规适应性方面准备充分。 宁德时代在北美市场采用 LRS 合作模式，控制风险并快速拓展市场。同 时，公司还在全球范围内进行上游原材料布局，确保供应链稳定。 宁德时代连续四年保持全球储能领域第一，储能订单饱满，出货量不断 增加。2023 年储能营收占总营收 14.9%，预计 2024 年更高。未来将 在工商业和大规模储能方向维持 20%左右的营收占比。 Q&A 宁德时代 20250917 兴业证券对宁德时代的整体观点是什么？ 兴业证券认为，宁德时代作为全球锂电池行业的龙头企业， ...

Core Viewpoint - The renewable energy and new materials industries are undergoing a significant transformation, presenting clear and expanding incremental market opportunities, alongside increasing competition that necessitates new operational paradigms for all companies involved, including capital institutions [2][3]. Group 1: Investment Attitudes and Strategies - Investment institutions should focus on specialized areas as industries evolve, exemplified by 弘毅投资's "Four Ones" investment model, which combines regional and industrial advantages for better development [2][5]. - CMC Capital highlights that the development of AI creates new application scenarios for the renewable energy and new materials sectors, potentially leading to new growth curves for companies in these industries [2][10]. - 众行资本 emphasizes the importance of assessing the general application value of products in large industrial sectors when selecting projects, advising caution for companies with overly narrow application scenarios [3][11]. Group 2: Market Trends and Data Insights - In the first half of the year, 28% of A-share listed companies were related to new materials, indicating a significant interest and positive outlook for the sector [3][12]. - Despite challenges such as trade wars and policy risks, there is a general confidence in the renewable energy and new materials industries, which are expected to maintain growth over the next 5-10 years [3][10]. Group 3: Successful Investment Cases - 德联资本 shared a successful investment in a company that produces methane pyrolysis equipment, which converts methane into hydrogen and carbon, focusing on the economic logic behind energy technology investments [14][15]. - CMC Capital's investment in 惠生清洁能源 has seen substantial growth, with net profits increasing from 60 million yuan in 2022 to an estimated 2 billion yuan in 2024 [16][17]. - 弘毅投资 has invested in companies like 中国巨石 and 新奥集团, with a focus on hydrogen energy and breakthrough lithium battery materials [20][29]. Group 4: Future Investment Directions - 德联资本 is focusing on three key areas: energy conversion equipment, electrification of end-use energy, and intelligent new power systems, which are seen as significant investment opportunities [25][26]. - The integration of AI in materials research and manufacturing is expected to enhance efficiency and reduce costs, presenting new investment opportunities [24][26]. Group 5: Risks and Exit Strategies - Investment institutions need to be cautious of the rapid technological advancements that may render previously essential materials obsolete, necessitating thorough research into the industry's technological relevance [29][30]. - The exit strategies for investments in the energy sector are evolving, with a focus on stable cash flow companies in distributed energy and storage sectors, providing diverse exit channels [28][30].

Group 1 - The core viewpoint emphasizes that innovation is the driving force behind national development and rejuvenation, with technological innovation being fundamental for creating new industries and growth momentum [1] - Hard technology industries are identified as a key driver for improving total factor productivity and optimizing industrial structure, thus becoming a new support for economic growth [1] - The self-controllable capabilities of hard technology industries are crucial for navigating the Sino-U.S. trade landscape, enabling the exploration of emerging markets and enhancing China's competitive position in the global economy [1] Group 2 - The "Hard Technology Change-Makers" selection activity aims to discover early-stage hard technology enterprises that lead China's technological development and promote progress [2] - The initiative includes the "Top 50 Hard Technology Change-Makers Worth Noticing by 2025" award to recognize outstanding representatives in the hard technology sector and encourage ongoing prosperity in this field [2] Group 3 - Historical evaluations indicate that 86% of the core teams in selected companies have PhDs, with 20 companies concentrated in Beijing [3] - Over 60% of the projects in the evaluations originate from universities and research institutions [3]

Group 1 - The 2025 National Energy Internet Conference was successfully held in Hangzhou, focusing on the deep collaboration between artificial intelligence and energy technology, aiming to explore pathways for zero-carbon transformation and develop a "Chinese plan" for the digital energy era [1][4] - The conference was co-hosted by Tsinghua University and the State Grid Corporation of China, with various institutions collaborating to discuss energy internet innovations and policies [1][2] - The National Energy Administration emphasized the importance of energy internet as a key driver for smart upgrades and industrial transformation, highlighting future initiatives in new energy storage and hydrogen energy development [1][2] Group 2 - The State Grid Corporation of China is committed to advancing energy transition and technological innovation, focusing on the digital upgrade of the power grid and collaboration in energy internet development [2] - The Southern Power Grid Company introduced a digital grid model and released the industry's first digital grid standard framework, aiming to deepen AI integration with energy systems [2][3] - The 2025 National Energy Internet Development Annual Report highlighted significant growth in the energy internet sector, including the introduction of 145 new standards and a 50% increase in the number of energy internet enterprises [3] Group 3 - The conference featured discussions on various topics such as energy digitalization, carbon neutrality in electricity, and the application of artificial intelligence in energy systems [3][4] - The event aimed to provide new perspectives and strategies for building a sustainable energy future, emphasizing the integration of core technologies and ecosystem development [4]