《大行報告》花旗:Tesla內地廠改用無鈷電池 利好領先製造商比亞迪(01211.HK)
報道指特斯拉(Tesla)與寧德時代(300750.SZ)初步洽談協商有在內地廠所產電動車部份採用不含鈷的磷酸鋰鐵電池(LFP),以替代使用鎳鈷鋁電池(NCA),花旗發表報告表示,相信消息對比亞迪(01211.HK)及特斯拉影響均屬正面,市場同時或需就此下調全球電池製造商的市場份額集中度,並重申比亞迪為行業首選股。
該行指,比亞迪為全球不含鈷的磷酸鋰鐵電池(LFP)新科技領先製造商,研發周期領先行業1.5年,指LFP電池有助降低電池包裝成本每瓦時(wh)約0.55至0.6元人民幣,降低成本30%、提升電池有效容量50%(對比之前產品),相信比亞迪有能力從外國企業手中提升全球電池市場份額,如豐田汽車、奧迪、通用汽車、福特汽車等。
花旗估計,假設比亞迪向外供應LFP電池,料可未來3至5年潛在可取得全球相關電池市場10%至15%市場份額,毛利率可逾20%上、資本回報率亦可達20%上。該行予比亞迪「買入」投資評級及目標價80元,此按現金流折現率作估值。(wl/t)~
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