《大行報告》野村下調贛鋒鋰業(01772.HK)目標價至32元 降天齊鋰業(09696.HK)評級至「中性」
野村發表報告指,內地汽車電池供應鏈的價格競爭,短期將會持續,行業的資本開支有放緩跡象。內地電池生產商第三季平均收入按年增長8%、按季增長4%,增幅小過市場需求增長,主要因為電池平均售價持續下跌。不過隨著鋰價下跌,電池生產商第三季利潤率改善。
原材料供應商方面,出貨量按季有增長,但下游價格壓力影響每單位的盈利能力,預料產能過剩的情況在第四季持續,新產能釋放將於年底前達到高峰,對電池製造商及原材料供應商的產能使用率,繼續造成壓力。
該行將贛鋒鋰業(01772.HK)目標價由56元下調至32元,評級「中性」;天齊鋰業(09696.HK)目標價由76元下調至42元,評級由「買入」下調至「中性」。
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