Huaxin Securities: Ningde Times rated as "buy", driven by dual forces of power and energy storage, strong growth in performance.

Huaxin Securities' research report points out that CATL is being driven by both power and energy storage, with strong performance growth. The company is expected to achieve operating income of approximately 423.7 billion yuan in 2025, a year-on-year increase of 17.04%; net profit attributable to shareholders is about 72.2 billion yuan, a year-on-year increase of 42.28%. The growth in sales of new energy vehicles and the increase in energy density per vehicle are driving continued growth in demand for power batteries. In 2025, the company is expected to achieve sales of power batteries of 541GWh, a year-on-year increase of 41.85%, with a global market share rising to 39.2%, reaching a historical high. The company has the world's largest existing and under-construction production capacity, with existing lithium battery production capacity of 772GWh and under-construction capacity of 321GWh. The company is continuously increasing investment in the construction of lithium battery production bases both domestically and internationally. By 2025, production capacity is expected to reach 748GWh, with a utilization rate as high as 96.9%, reflecting strong downstream demand and the company's ample order backlog. Given the company's significant industry position and the prosperity of downstream demand, a "buy" investment rating is recommended.