证券研究报告 | 2026年03月13日 宁德时代（300750.SZ） 优于大市 电池龙头盈利强劲，产能扩张加速推进 公司 2025 年实现归母净利润 772.01 亿元，同比+42%。公司 2025 年实现营 收 4237.02 亿元，同比+17%；实现归母净利润 722.01 亿元，同比+42%。公 司2025 年毛利率为26.27%，同比+1.83pct；净利率为18.12%，同比+3.20pct。 公司 2025Q4 实现营收 1406.30 亿元，同比+37%、环比+35%；实现归母净利 润 231.67 亿元，同比+57%、环比+25%。公司 2025Q4 毛利率为 28.21%，环比 +2.41pct；净利率为 17.41%，环比-1.72pct。公司 2025Q4 净利率小幅下滑 主要系 Q4 计提较多资产减值损失、以及期间费用率环比小幅提升所致。 公司 2025Q4 出货量环比快速提升，盈利能力表现稳健。我们估计公司 2025Q4 动储电池合计出货量约 225GWh，环比增长约 35%；其中储能电池出货量约 30GWh，环比小幅下滑，主要系受到海外订单以及储能系统订单确收周期较 长等影响。 ...

Core Viewpoint - CATL continues to demonstrate strong growth momentum, with significant increases in revenue and net profit for 2025, indicating robust performance in both power and energy storage battery systems [2][5]. Financial Performance - In 2025, CATL achieved revenue of 423.7 billion yuan, a year-on-year increase of 17.04%, and a net profit attributable to shareholders of 72.2 billion yuan, up 42.28% [2]. - The power battery system generated revenue of 316.5 billion yuan, reflecting a growth of 25.08%, with a gross margin of 23.84% [2]. - The energy storage battery system reported revenue of 62.4 billion yuan, an increase of 8.99%, with a gross margin of 26.71% [5]. Sales and Production - CATL sold 661 GWh of lithium-ion batteries, marking a nearly 40% year-on-year growth, while energy storage battery sales reached 121 GWh, up 29.13% [2][5]. - The total production capacity was 772 GWh, with an actual output of 748 GWh, resulting in a capacity utilization rate of 96.89% [8]. Strategic Developments - CATL is expanding its production capabilities with ongoing investments in domestic and international battery production bases, including projects in Hungary and Indonesia [8]. - The company launched several new energy storage products, including a 6.25 MWh containerized liquid-cooled battery system and a 9 MWh large-capacity energy storage solution [8]. Future Orders and Collaborations - As of February 28, 2026, CATL secured seven energy storage orders with a total expected transaction amount of 505 million yuan [9][10]. - The company has established long-term strategic partnerships with various firms, enhancing its project delivery capabilities in overseas markets [11].