--- title: "寧德時代在收益敍事中注入能量" description: "中國的電子元件市場正在蓬勃發展，受數字化轉型和電動車熱潮的推動，預計在 2025 年至 2031 年間年均增長率為 7.3%。全球最大的電動車電池製造商寧德時代報告第三季度收入為 1042 億元，同比增長 12.9%，淨利潤為 185 億元，同比增長 41.2%。寧德時代的股票在過去一年中上漲了 35.50%，所有分析師均給予該股票 “買入” 評級。然而，風險包括原材料波動、競爭、政策變化和網絡安" type: "news" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/276208175.md" published_at: "2026-02-18T08:11:39.000Z" --- # 寧德時代在收益敍事中注入能量 > 中國的電子元件市場正在蓬勃發展，受數字化轉型和電動車熱潮的推動，預計在 2025 年至 2031 年間年均增長率為 7.3%。全球最大的電動車電池製造商寧德時代報告第三季度收入為 1042 億元，同比增長 12.9%，淨利潤為 185 億元，同比增長 41.2%。寧德時代的股票在過去一年中上漲了 35.50%，所有分析師均給予該股票 “買入” 評級。然而，風險包括原材料波動、競爭、政策變化和網絡安全問題 China’s electronic components landscape is on a tear, energized by digital transformation, the EV boom, and ubiquitous 5G. Demand is swelling for semiconductors, passives, and electromechanical parts across automotive, telecom, industrial automation, and computing, with buyers prioritizing reliability, energy efficiency, and miniaturization. Meanwhile, domestic advances in raw materials, circuit design, packaging, and testing are fortifying supply chains. Trends abound: miniaturized high reliability passives, SiC/GaN power devices, SiP and advanced packaging, pervasive sensorization, and design for sustainability. Looking ahead, the China Electronic Components Market is projected to grow at a 7.3% CAGR during 2025 2031, supported by a robust manufacturing base, accelerated 5G, and EV demand, with adoption rising in consumer, industrial, and computing hardware. Investment avenues include scaling SiC/GaN epitaxy, substrates, and device fabs; building automotive quality passives, connectors, relays, and power ICs to AEC Q standards; expanding advanced packaging and OSAT for SiP with reliability labs; and developing rugged IoT modules for factory retrofits and smart grids. Against this backdrop, CATL stands as a national champion turned global bellwether. Founded in 2011 and headquartered in Ningde, it is the world’s largest EV battery and energy storage maker. Serving BMW, Tesla, Volkswagen, and Toyota, CATL mixes LFP and NCM/NMC with sodium ion slated for mass production in 2025, plus Shenxing fast charging LFP, Freevoy dual power architecture, and LFP based, modular ESS—while targeting carbon neutrality by 2025 and 2035. ## Profits surge Adding in numbers: Over Q3 25, CATL posted revenue of 104.2 billion Chinese yuan—a 12.9% y/y climb fueled by vigorous demand. Contract liabilities surged 46.1% as customers locked in orders with advance payments, while inventories swelled 34.1% to meet rising business volumes. Bottom-line performance proved even more impressive. Net profit jumped 41.2% y/y to CNY 18.5bn, pushing earnings per share to CNY 4.1—up 37.2% y/y. The profit acceleration stemmed from favorable foreign exchange movements, stronger investment returns, and reduced asset impairments. Cash generation remained healthy, with operating cash flow climbing 19.6% y/y to CNY 80.7bn. ## Potential upside Owing to this sustained performance, CATL shares have rewarded investors handsomely, climbing 35.50% over the past year and commanding a CNY 1.7tn market capitalization. The company also sweetens returns through dividends—averaging 2% over three years, with 2.90% projected ahead. Valuation appears reasonable at 23.9x forward P/E against 2026 earnings, modestly above the three-year average of 22.5x. The Street sentiment couldn't be clearer: all 29 analysts rate the stock a Buy with zero Holds, targeting CNY 488.30—implying compelling 33.70% upside potential from current levels. ## Navigating risks CATL has maintained undeniable momentum: stronger operations, a widening product toolkit, and a brand that travels well. Yet the road ahead has its hairpins. Raw material volatility and supply security can squeeze margins; rivals are sharpening pricing and technology, compressing product cycles. Policy shifts—subsidy changes, export controls, and local content rules—may redraw profit pools, while overseas scrutiny and trade frictions complicate expansion. Rapid advances in next gen chemistries raise execution risk as platforms scale at pace without compromising safety. Dependence on large automakers heightens pricing pressure and recall exposure, and software rich systems invite cybersecurity and liability concerns. Add ESG scrutiny over sourcing and recycling, plus currency and funding swings, and investors get a fuller picture: a category leader with ample opportunity, but one that must navigate a maze of industrial, geopolitical, and technological risks to keep its lead. ### Related Stocks - [562260.CN - 海富通中證汽車零部件主題ETF](https://longbridge.com/zh-HK/quote/562260.CN.md) - [03750.HK - 寧德時代](https://longbridge.com/zh-HK/quote/03750.HK.md) - [562700.CN - 華夏中證汽車零部件主題ETF](https://longbridge.com/zh-HK/quote/562700.CN.md) - [159565.CN - 易方達中證汽車零部件主題ETF](https://longbridge.com/zh-HK/quote/159565.CN.md) - [300750.CN - 寧德時代](https://longbridge.com/zh-HK/quote/300750.CN.md) - [159306.CN - 平安中證汽車零部件主題ETF](https://longbridge.com/zh-HK/quote/159306.CN.md) - [516110.CN - 國泰中證800汽車與零部件ETF](https://longbridge.com/zh-HK/quote/516110.CN.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 恒指季檢揭盅 寧德時代與老鋪黃金、洛鉬染藍 藍籌股增至 90 隻 | 恆指公司公布最新季檢結果，寧德時代、老鋪黃金及洛陽鉬業被納入恆指成分股，成分股增至 90 隻，同時剔除中升集團。國指方面，貝殼及地平線機器人被納入，華潤啤酒及蒙牛乳業被剔除，成分股維持 50 隻。科指沒有成分股變動。 | [Link](https://longbridge.com/zh-HK/news/275886502.md) | | 智駕巨頭迎來新總裁 | 地平線公司宣佈朱威正式擔任新總裁，接替陳黎明。朱威曾是寧德時代乘用車業務執行總裁，他的加入被視為公司在智能汽車領域的重要戰略調整。此次人事變動旨在增強公司的商業落地能力和生態資源整合能力，以應對智駕市場的變化和未來的量產目標。 | [Link](https://longbridge.com/zh-HK/news/275582628.md) | | 餘仁生 傳統中藥品牌數碼轉型 連結新世代與大灣區市場 | 餘仁生，歷史悠久的中藥品牌，憑藉數碼轉型在香港零售管理協會獲獎，展現其在新零售時代的成功。品牌通過社交媒體與網紅合作，提升消費者信任，並以自家 APP 提供無縫的線上線下購物體驗。餘仁生創新推廣中藥文化，吸引年輕一代，推出 IP 角色「丹丹 | [Link](https://longbridge.com/zh-HK/news/275825266.md) | | 瑞銀重申對寧德時代股份有限公司 H 股（3750）的買入評級 | 瑞銀分析師 David Lesne 重申了對寧德時代（3750）的買入評級，設定目標價為 660.00 港元。該股票收盤價為 513.50 港元。分析師們的共識為強烈買入，平均目標價為 619.29 港元，顯示出 20.60% 的潛在上漲空 | [Link](https://longbridge.com/zh-HK/news/275491719.md) | | 梅賽德斯可能會在德國為 EQA 和 EQB 車型更換電池 | 梅賽德斯將在德國更換 EQA 和 EQB 車型的電池，原因是電池問題導致全球召回。雖然北美和中國已經開始進行電池更換，但德國客户僅收到了一次軟件更新。預計很快將推出全面的電池更換計劃，以解決由孚能科技提供的電池單元內部短路風險。此次更換旨在 | [Link](https://longbridge.com/zh-HK/news/276124305.md) | --- > **免責聲明**：本文內容僅供參考，不構成任何投資建議。