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研報掘金丨平安證券:寧德時代一季度業績表現出色,維持“強烈推薦”評級

平安證券研報指出,第一季度“淡季不淡”,寧德時代(300750.SZ)歸母淨利潤同比增長亮眼。營收端來看,2025年第一季度,公司實現營收847.0億元,同比+6.2%,環比-17.7%。受春節假期影響,第一季度爲鋰電傳統淡季,公司單季度營收環比有所下降,同比仍呈現增長。根據公司投資者關係活動記錄表,公司第一季度電池銷量超過 120GWh , 同比增長超過 30%; 其中儲能銷量佔比接近20%。盈利端來看,根據公司投資者關係活動記錄表,公司一季度單Wh毛利環比 2024年第四季度有所提升;一季度銷售淨利率達到17.5%,達到2018年以來單季度最高水平;ROE水平保持穩定。公司作爲全球領先的鋰電池企業,動力和儲能電池技術實力領先,全球市場佈局全面。2025年,全球鋰電池需求有望繼續增長、供需格局改善;美國市場佔全球鋰電池市場的比重相對較小,且歐洲和新興市場鋰電池需求有望增長。看好公司作爲全球鋰電池領先企業的技術和成本控制優勢,以及在固態電池等新技術領域的前瞻性佈局,維持“強烈推薦”評級。

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