研報掘金丨東吳證券:寧德時代Q2扣非利潤略超市場預期、毛利率環比提升,維持“買入”評級
格隆匯7月26日丨東吳證券研報指出,寧德時代(300750.SZ)Q2扣非利潤略超市場預期、毛利率環比提升。業績略超預期來自於電池去庫銷量略好預期,且盈利水平逆勢微增。公司23年H1產量154gwh,預計出貨170gwh,同增59%,Q3-Q4逐季環增20%,預計全年出貨量近420gwh,同增45%。此外,23年 H1公司海外收入佔比提升至35%,1-5月公司動力海外市佔率提升至27%,其中歐洲市佔率34.5%,美國市佔率第二,後續海外仍有提升空間。公司Q2盈利水平環比微增、下半年預計維持穩定。其他業務毛利佔比下降、碳酸鋰預計下半年貢獻利潤,Q2末公司存貨489億元,較Q1末減少151億元,其中庫存商品降至極低水平。23年Q2公司經營活動淨現金流淨額161億,同環比+39%/-23%,在手現金2196億元,較Q1略增。考慮到公司海外市佔率持續提升,該行上修公司23-25年歸母淨利潤預測469/632/857億元(原預測:464/632/855億元),同增52.5%/34.9%/35.5%,對應 21x/16x/12x,基於公司全球電池龍頭地位,給予23年35x,目標價373.1元,維持“買入”評級。
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