研報掘金丨招商證券:寧德時代Q4盈利能力穩健,維持“強烈推薦”評級
招商證券研報指出,2024年寧德時代(300750.SZ)實現營收、歸母、扣非淨利潤分別3620億元、507億元、450億元,分別同比下滑9.7%、增長15.01%、增長12.2%。其中,Q4盈利能力穩健。公司報表質量強勁,企業經營造血能力更加突出;全球市佔率仍在提升,在激烈競爭中仍然保持了顯著的綜合優勢。展望2025年,儘管行業競爭在加劇,但公司領先優勢可能進一步鞏固,目前公司仍然處於擴張階段,制約公司發展的要素正在排除。需求端,電動車/儲能、智能化終端的需求強勁,更多離線用電場景的儲電需求正在涌現,公司的競爭優勢可能維持公司規模增長到相當的高度。維持“強烈推薦”評級,預計2025年歸母淨利潤656億元。
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