汽車 | 寧德時代產業鏈地位繼續鞏固
機構：東北證券
1、寧德時代公佈三季報，持續穩固優勢，Q3行業低迷中龍頭一枝獨秀。
19年前三季度公司實現動力電池裝機21.4GWh，YOY+80%；市佔率達到51%，較18A提升9個百分點。其中，Q3由於行業面臨過渡期切換，產業鏈降負，公司實現動力電池裝機量7.7GWh，環比小幅下滑6.8%，但市佔率達到63.8%。公司前三季度經營活動現金流量淨額103億元，YOY+84%。公司增加對歐洲產能投資規模至18億歐元（約140億人民幣），較初始2.4億歐元提高15.6億歐元，預計達產後形成30GWh產能。
2、特斯拉財報亮眼，國產特斯拉進325批名單，上海工廠量產臨近。特斯拉2019Q3生產了96155輛電動車。交付了97000輛，再創交付量新高。此次產量和交付超預期主要得力於Model3的放量，隨着中國工廠量產日期的臨近，預計特斯拉產量及交付量將有繼續增長的空間，也將利好國內特斯拉產業鏈相關公司，打開新能源汽車產業鏈成長空間。
3、風電高景氣度進入兑現期，搶裝邏輯確定。風機招標價格持續回暖，較2018Q3底部回升15%以上，交付時間的要求是業主重要關注因素，一線風機企業已經難以滿足增量需求，二線企業訂單快速增長。風機零部件板塊連續三個季度收入增速60%以上，上半年板塊淨利潤增速100%，三季度板塊業績高增長將持續，零部件供需格局向好將持續到2020年。
推薦主線：1）被忽視的小細分領域龍頭：【石大勝華】DMC需求強週期，龍頭最大受益。2）市場普遍認可的龍頭標的-海外供應鏈（空間+業績）：【恩捷股份】（19年產業鏈最佳賽道,外單+孚能放量盈利更優）；【新宙邦】（海外供應鏈最受益標的,多業務協同發展）；【寧德時代】（綁下游定格局，入海外拓空間）；【璞泰來】（負極格局向好，多維度佈局產業）。3）建議關注邊際改善的【客車&LFP】及【充電】環節。
風險提示：新能車銷量不及預期。
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