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研報掘金丨中金:寧德時代上半年業績符合預期,維持“跑贏行業”評級
格隆匯 07-29 15:21
中金公司研報指出,寧德時代(300750.SZ)1H24業績符合預期,盈利能力持續強勁,維持235元目標價和跑贏行業評級。公司1H24鋰電池出貨約205GWh、同增22%,其中動力/儲能出貨分別159GWh/46GWh;受鋰電池降價影響,動力/儲能1H24營收分別同降19.2%/同增3.0%,增速有所承壓。單看2Q24,鋰電池出貨約110GWh,其中動力約83GWh、環增8.8%,儲能27GWh、環增43.6%,在碳酸鋰價格企穩下、下游儲能需求快速復甦,疊加亞非拉等新興市場起量,公司儲能出貨增長強勁。由於電池降價較中上游材料降價有所滯後,公司2Q動力、儲能價格仍處下行區間。考慮到當前中上游材料價格處於底部區間,預計電池價格2H有望企穩。鋰電池2Q24毛利率環比提升,動力電池單瓦時毛利維持平穩,測算鋰電池業務合計税後利潤約80-85億元。此外,政府補貼、投資收益增厚利潤,現金流維持強勁。
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