证券研究报告 | 公司点评 | 电池 宁德时代(300750) 报告日期：2026 年 03 月 18 日 25Q4 业绩亮眼，增长有望延续 ——宁德时代 2025 年报点评 投资要点 q 事件：宁德时代发布 2025 年报 2025 年：营业收入 4237 亿元，同比+17%。归母净利润 722 亿元，同比+42%。 扣非归母净利润 645 亿元，同比+43%。毛利率 26.3%，ROE(摊薄)21.4%。 2025Q4 单季度：营业收入 1406 亿元，同比+37%，环比+35%。归母净利润 232 亿元，同比+57%，环比+25%。扣非归母净利润 209 亿元，同比+63%，环比 +27%。毛利率 28.2%，同比+13.2pct，环比+2.4pct。 订单高增，流动性稳健。截至 2025Q4，合同负债 492 亿元(yoy+76.9%)，货币资 金及交易性金融资产合计 3925 亿元，2025 年经营性现金流量净额 1332 亿元， 与归母净利润比值 1.8。 q 盈利预测及估值 股票走势图 预计公司 2026-2028年营业收入分别为 5889、7046、8510亿元，同比增长 39%、 20%、2 ...

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].