研報掘金丨天風證券:寧德時代業績超預期,維持“買入”評級
天風證券研報指出,寧德時代(300750.SZ)24年收入3620億元,YOY-10%,歸母淨利潤507億元,YOY+15%。公司2024年利潤增速大於營收增速,經營性現金流量淨額表現強勁。從市場份額看,2024年公司動力電池和儲能電池份額穩居榜首。從產品看,公司司持續進行技術創新,推出了一系列創新產品,如神行、麒麟、驍遙等系列,以滿足市場多元化需求,受到越來越多客戶的認可。預計2025年神行和麒麟電池在公司LFP、NCM產品中的出貨佔比將從去年的 30%-40%提升至60-70%。驍遙電池自去年底發佈以來,已在30餘款車型上搭載,反映了客戶對該產品的高度認可。考慮到公司24年業績超預期(此前預測爲450億),維持“買入”評級。
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