盈利水平稳健，2 季度归母净利率17.5%，单位利润维持0.1 元/Wh 以上。 1H25 公司实现营业收入1789 亿元（人民币，下同），同比+7.3%；归母净利润305 亿元，同比 +33.3%；扣非归母净利润272 亿元，同比+35.6%。其中2 季度收入942 亿元，同环比+8%/+11%；归母 净利润165 亿元，同环比+34%/+18%；扣非净利润154 亿元，同环比+42%/+30%。2 季度毛利率25.6%， 环比提升1.2 个百分点，归母净利率17.5%，同环比+3ppts/+1ppts，盈利能力进一步提升。2 季度公司出 货约150GWh，上半年合计270GWh（其中动力电池占比约80%），对应单位利润0.113 元/Wh，尽管电 池价格有所波动，但单位盈利维持在较高水平。此外，公司注重股东回报，计划将上半年归母净利润的 15%用于分红。 风险：海外关税和新能源政策变动、竞争加剧、下游增长不及预期。 看好非美市场业务，维持买入。1H25 公司海外收入612 亿元，同比+21%（中国内地：+1.2%），海外 收入占比同比提升4ppts 至34%，主要得益于：欧洲新能源车恢复增长带动动力电池需 ...

"宁王"宁德时代（300750）(300750.SZ，03750.HK)依旧在大赚。 7月30日晚间，宁德时代披露了2025年半年度业绩报告。上半年，公司实现营业收入1788.86亿元，同比增长 7.27%；归母净利润304.85亿元，同比增长约33%。 半年大赚约305亿元，宁德时代创了历史同期新高。公司经营现金流净额约587亿元，也创了历史同期新高，同比 增长逾30%。 从产品来看，根据SNE Research数据，2025年1—5月，宁德时代动力电池使用量全球市占率为38.1%。根据鑫椤资 讯数据，2025年1—6月，宁德时代储能电池产量位列全球第一。 宁德时代表示，上半年的产能利用率为90%，未来根据市场需求状况扩建产能。 归母净利润则是加速增长。2025年上半年，宁德时代实现的归母净利润为304.85亿元，同比增长33.33%。上年同 期，公司实现的归母净利润为228.65亿元，同比增长10.37%。 分季度看，2025年一、二季度，公司实现的营业收入分别为847.05亿元、941.82亿元，同比增长6.18%、8.26%； 归母净利润分别为139.63亿元、165.23亿元，同比增长32.85%、 ...

交银国际研究 公司更新 财务数据一览 1 年股价表现 | 电池 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 7 月 31 日 | | --- | --- | --- | --- | --- | --- | --- | | 人民币 | | 277.09 | 人民币 | 314.11 | +13.4% | | | 宁德时代 (300750 CH) | | | | | | | 上半年盈利能力维持稳健，海外增速强劲；维持买入 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 400,917 | 362,013 | 447,189 | 489,224 | 526,641 | | 同比增长 (%) | 22.0 | -9.7 | 23.5 | 9.4 | 7.6 | | 净利润 (百万人民币) | 44,121 | 50,745 | 62,917 | 67,998 | 71,503 | | 每股盈利 (人民币) | 10.06 | 11.58 | ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company achieved a revenue of 178.886 billion yuan in H1 2025, representing a year-on-year growth of 7.27%, with a net profit of 30.485 billion yuan, up 33.33% year-on-year [5] - In Q2 2025, the company reported a revenue of 94.182 billion yuan, a year-on-year increase of 8.26% and a quarter-on-quarter increase of 11.19%, with a net profit of 16.523 billion yuan, up 33.73% year-on-year and 18.33% quarter-on-quarter [5] - The company continues to innovate with new products, maintaining a competitive edge and steadily increasing its global market share [5][8] Financial Performance - The company's operating cash flow net amount reached 58.687 billion yuan in H1 2025, a year-on-year increase of 31.26% [5] - As of the end of Q2 2025, the company's cash reserves amounted to 350.578 billion yuan, up 37.48% year-on-year [5] - The gross profit margin for H1 2025 was 25.02%, a decrease of 1.51 percentage points year-on-year, while the net profit margin was 18.09%, an increase of 3.17 percentage points year-on-year [5] Market Position and Growth - The company has a global market share of 38.1% in the power battery installation volume from January to May 2025, an increase of 0.6 percentage points year-on-year [5] - The company is the global leader in lithium batteries, with a strong focus on technology and product innovation, which supports its market position [8] - The company plans to accelerate the construction of battery swapping ecosystems and is expected to start small-scale production of solid-state batteries in 2027 [5]

宁德时代（300750.SZ）2025 年中报业绩点评 业绩再超预期，海外业务、技术创新释放澎湃动力 2025 年 07 月 31 日 事件。2025 年 7 月 30 日，公司发布 2025 年半年度报告。报告期内，公 司实现营业收入 1788.86 亿元，同比增长 7.27%；归母净利润 304.85 亿元，同 比增长 33.33%；扣非归母净利润 271.97 亿元，同比增长 35.62%；基本每股收 益 6.92 元，业绩再超预期。 业绩表现亮眼，盈利能力保持稳定。Q2 业绩环比显著增长，盈利能力持续 向好。公司上半年电池系统总产量达 310GWh。结合 Q1 出货量超 120GWh 的 数据，预计公司 Q2 出货量接近 150GWh，环比持续增长。从盈利能力看，我们 测算 Q2 单 GWh 盈利能力约为 1.13 亿元，较 Q1 的约 1.11 亿元保持稳中微增。 分业务看，上半年动力电池系统毛利率为 22.41%，储能电池系统毛利率为 25.52%，储能业务毛利率同比提升 1.11 个百分点，盈利能力突出。 海外业务表现强劲，成为重要增长引擎。报告期内，公司境外业务实现收入 612.08 亿元，同 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [9][10]. Core Insights - The company, Ningde Times (300750), reported a significant increase in net profit for H1 2025, with a year-on-year growth exceeding 30%. The Q2 results also showed both year-on-year and quarter-on-quarter increases in net profit [6][9]. - The company continues to innovate and maintain a competitive edge in the market, with a steady increase in global market share for its products, particularly in the electric vehicle and energy storage sectors [6][9]. Financial Performance Summary - For H1 2025, the company achieved a revenue of 178.886 billion yuan, a year-on-year increase of 7.27%. The net profit attributable to shareholders was 30.485 billion yuan, reflecting a growth of 33.33% [6]. - In Q2 2025, the company reported a revenue of 94.182 billion yuan, up 8.26% year-on-year and 11.19% quarter-on-quarter. The net profit for Q2 was 16.523 billion yuan, marking a 33.73% increase year-on-year and an 18.33% increase quarter-on-quarter [6]. - The company's operating cash flow for H1 2025 was 58.687 billion yuan, a 31.26% increase compared to the previous year, and cash reserves reached 350.578 billion yuan, up 37.48% year-on-year [6]. Market Position and Product Innovation - The company has launched several innovative products in the first half of 2025, including advanced batteries for passenger and commercial vehicles, as well as large-capacity energy storage solutions [6]. - The company’s global market share for power battery installations reached 38.1% in the first five months of 2025, an increase of 0.6 percentage points year-on-year [6]. Capacity and Capital Expenditure - The company’s production capacity for H1 2025 was 345 GWh, with a utilization rate of 89.86%. Capital expenditures for the same period were 20.213 billion yuan, a 46.15% increase year-on-year [6]. - The company is actively expanding its production capacity both domestically and internationally, with ongoing projects in various locations including Germany and Hungary [6]. Earnings Forecast - The earnings forecast for the company indicates a projected net profit of 65.513 billion yuan for 2025, with expected earnings per share (EPS) of 14.37 yuan, corresponding to a price-to-earnings (PE) ratio of 19 times [8][9].

Core Viewpoint - The article highlights the financial performance and strategic developments of CATL in the first half of 2025, showcasing revenue growth and advancements in battery technology and production capacity [2][9]. Financial Performance - The company's revenue for the first half of 2025 reached 178.886 billion yuan, representing a year-on-year increase of 7.27% [2]. - Net profit attributable to shareholders was 30.485 billion yuan, up 33.33% year-on-year [2]. - Revenue from power battery systems was 131.573 billion yuan, with a year-on-year growth of 16.80%, while the gross margin was 22.41%, down 1.07% [2]. - Revenue from energy storage battery systems was 28.4 billion yuan, showing a decline of 1.47%, but the gross margin increased by 1.11% to 25.52% [2]. Business Segments - Power battery systems contributed significantly to revenue, while energy storage systems faced a slight decline [2][4]. - The company has established a diverse product matrix for energy storage, including battery cells, cabinets, and integrated systems, catering to various applications [5][6]. Global Presence and Partnerships - CATL has formed long-term strategic partnerships with major automotive manufacturers and energy storage system integrators, enhancing its competitive edge globally [8]. - The company has cumulatively installed approximately 20 million power batteries and applied energy storage batteries in over 2,000 projects worldwide [8]. Capital Raising and Investments - The company successfully raised 41 billion HKD through its listing on the Hong Kong Stock Exchange, which will be used for project construction and operational funding [9]. - Significant investments are being made in the Hungary battery production base, with a total investment of 7.387 billion yuan planned [10]. Production Capacity - CATL currently has a production capacity of 345 GWh, with an additional 235 GWh under construction, and a utilization rate of 89.86% [12][13]. - The company is actively expanding its production capabilities both domestically and internationally, including projects in Hungary and Spain [14]. Innovation and Sustainability - The company is pioneering zero-carbon initiatives, launching the first 100% green electricity supply zero-carbon industrial park in Dongying, which is significant for modern energy economy demonstration [11]. - CATL is committed to developing zero-carbon technology products and solutions, collaborating with various cities to promote innovative projects [11].

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源： 21世纪经济报道等 7月30日晚间，宁德时代（300750）公告，公司上半年营业收入1788.86亿元（人民币），同比增长 7.27%；上半年归母净利润305.12亿元，同比增长33.02%；经营活动产生的现金流量净额586.87亿 元，同比增长31.26%。 分析认为，宁德时代上半年业绩表现稳健，营收同比增长7.3%，得益于毛利率的改善，净利润同比增长 33.0%，这个增速在当前竞争激烈的动力电池市场中并不容易实现。然而，增长动能的可持续性存在不确 定性，海外市场拓展、技术创新落地、竞争格局演变将是影响公司未来表现的关键因素。 宁德时代公布上半年财报，核心要点如下 : 财务表现： 归属股东净利润 305.12 亿元，同比增长 33.02% ；毛利率 25.02%，同比提升 1.57 个百分点 收入 1,788.86 亿元，同比增长 7.27% ，其中动力电池系统收入 1,315.73 亿元，增长 16.80% 经营现金流 586.87 亿元，同比增长 31.26% ，现金状况良好 核心业务进展： 动力电池 ...

证券代码：300750 证券简称：宁德时代 宁德时代新能源科技股份有限公司 投资者关系活动记录表 编号：2025-004 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 及人员姓名 与会投资者约 1,290 人 时间 2025 年 7 月 30 日 地点 电话会议 上市公司接待 人员姓名 董事会秘书兼副总经理 蒋理 财务总监 郑舒 董事会办公室主任 林美娜 投资者关系活 动主要内容介 绍 一、公司经营情况介绍 2025 年上半年，公司营业总收入 1,789 亿元、同比增长 7.27%；归母净利润 305 亿元、同比增长 33.33%；综合毛利 率 25.0%，同比增长 1.8 个百分点；经营性现金流达 587 亿 元；现金储备充裕，期末货币资金超过 3,500 亿元。 报告期内，公司动力电池和储能电池份额持续领先。 在动力电池领域，根据 SNE Research 数据，2025 年 1-5 月 公司动力电池使用量全球市占率为 38.1%，较去年同期提升 0.6个百分点。在储能领域，根据鑫椤资讯数据，2025年1- 6 月 ...

同日， 公司公告称，公司董事会审议通过2025年中期分红方案，每10股派发现金分红人民币10.07元（含税）， 约45.37亿元 ，公司不实施资本公积金 转增股本，不送红股。 此外，公司还公告，公司及控股子公司拟增加不超过人民币400亿元的委托理财额度，该额度增加后，公司2025年度委托理财额度为不超过人民币800亿 元，资金来源为暂时闲置的自有资金。 截至2025年6月30日，公司货币资金规模已达人民币 3505.78亿元 ，资金储备较为充裕。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(千元) | 178.886,253 | 166.766.834 | 7.27% | | 归属于上市公司股东的净利 | 30.485.139 | 22.864.987 | 33.33% | | 润(千元) | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润(千 | 27.197.468 | 20.053.941 | 35.62% | | 元) | | | | | 经营活动产生的现金流量净 | 58.687.066 | 44. ...