摘要 宁德时代钠新电池推进乘用车冬测。 宁德时代正把钠离子电池从商用车试点推向乘用车更大的应用盘。 据财联社报道，宁德时代乘用车钠电品牌"钠新"将于下周开启乘用车极寒公开测试，长安欧尚车型将率先参与；知情人士称，广汽与江淮旗下乘用 车产品也预计跟进。 而据高工锂电了解，宁德时代钠电池还将于今年二季度上车广汽埃安UT super车型。 钠新不是概念产品。宁德时代此前在官方发布中给出钠新乘用车电池的关键指标： 能量密度175Wh/kg，强调-40℃仍可保持90%可用电量、循环寿命可达1万次以上，并将其定位为"可大规模量产"的钠电方案。 在进入乘用车之前，宁德时代正推动在运营属性更强的商用车场景跑通量产节奏。 宁德时代1月22日推出天行II轻商方案及相关量产钠离子电池产品，其中适配小微卡、中小VAN等车型的45kWh钠电池，在-30℃极寒环境下仍可即 插即充、满载爬坡，指向低温运营痛点。 换电网络的扩张，或进一步放大钠电技术路线的可复制性。 宁德时代12月30日在官网披露其已落成1325座换电站，并称巧克力换电计划在2026年将在140多座城市累计建成超过3000座换电站、长期目标3 万座，同时启动高速公路网络建设 ...

Core Viewpoint - JD.com is intensifying its efforts in the automotive sector by collaborating with GAC Group and CATL to launch a new electric vehicle, the Aion UT Super, which features a battery swapping model aimed at addressing common concerns among electric vehicle users [4][5][8]. Group 1: New Vehicle Launch and Collaborations - JD.com officially announced the launch of the Aion UT Super, a battery-swapping version of an existing model, priced around 100,000 yuan, with a debut scheduled for November 9 [4][5]. - The collaboration involves GAC Group for vehicle manufacturing, CATL for battery technology, and JD.com as the exclusive sales channel [4]. - Following the announcement, stocks of the involved companies saw varying degrees of increase [4]. Group 2: Market Context and Strategic Moves - JD.com is facing growth challenges in its core e-commerce business, with a revenue increase of only 3.7% in 2023 and a decline in operating profit margin to 2.6% [14][15]. - The company has restructured its retail operations, separating the automotive business into a standalone division to enhance focus and investment [15]. - JD.com aims to replicate its success in home appliances by providing a comprehensive sales channel for automotive manufacturers [15]. Group 3: Historical Context and Previous Attempts - JD.com has been exploring the automotive market since 2015, investing in platforms like Yiche and NIO, and launching an online vehicle sales platform in 2018 [17][19]. - The company has developed a robust after-sales service network, with over 1,500 self-operated stores and more than 40,000 partner stores across China [20][21]. - JD.com has also engaged in various automotive-related initiatives, including a vehicle trade-in program and partnerships for digital marketing tools [22][23]. Group 4: Future Prospects and Industry Dynamics - The collaboration with GAC and CATL is seen as a strategic move to tap into the growing demand for electric vehicles and battery-swapping technology [29]. - JD.com's extensive logistics and supply chain capabilities position it well to address the challenges of online vehicle sales, which traditionally face significant operational hurdles [27]. - The partnership aims to create a comprehensive ecosystem for electric vehicle sales and services, potentially transforming the automotive retail landscape in China [29].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance meets expectations, showcasing strong profitability resilience with a revenue of 362 billion yuan in 2024, a 9.7% year-on-year decline, while net profit increased by 15% to 50.7 billion yuan [4][7] - The company is entering a new innovation cycle, supported by a solid global competitive position and increasing market share in the domestic power battery sector [7][28] Financial Data and Profit Forecast - Total revenue is projected to grow from 362 billion yuan in 2024 to 570.6 billion yuan by 2027, with a compound annual growth rate of 13.1% [6] - Net profit is expected to rise from 50.7 billion yuan in 2024 to 90.9 billion yuan in 2027, reflecting a strong growth trajectory [6] - The company’s gross margin is forecasted to improve from 24.4% in 2024 to 25.8% by 2027, indicating enhanced operational efficiency [6] Performance Analysis - The company achieved a battery shipment of 475 GWh in 2024, a 22% increase year-on-year, with significant contributions from both power and energy storage batteries [7][10] - The inventory level increased to 59.8 billion yuan, primarily due to a rise in shipped goods, indicating strong demand expectations for the first half of 2025 [19] - The company plans to steadily expand production capacity, with 219 GWh under construction by the end of 2024 to meet anticipated demand growth [7][24] Market Position and Competitive Landscape - The company holds a 37.9% share of the global power battery market and a 45.1% share in the domestic market, reflecting a solid competitive position [7][34] - The number of new vehicle models supported by the company increased by 100 in 2024, enhancing its market penetration and potential for future growth [7][42] Cash Flow and Dividend Policy - The company reported a net operating cash flow of 97 billion yuan in 2024, with capital expenditures of 31.2 billion yuan, indicating strong cash generation capabilities [24] - A total cash dividend of over 25 billion yuan was planned for 2024, corresponding to a payout ratio of 50%, with a dividend yield of 2.2% based on the closing price [7][24]