研報掘金丨海通證券:寧德時代Q3毛利率提升明顯,予“優於大市”評級
海通證券研報指出,寧德時代(300750.SZ)24年Q3加回減值後歸母淨利亮眼,毛利率環比+4.53pct,提升顯著。預計2024年新產品神行和麒麟電池在動力中佔比約30%-40%,2025年或佔比達70%-80%,新產品放量對單位盈利有正向作用。除此之外,公司在2024年還推出了神行Plus電池、新一代放電功率超1300KW 麒麟高功率電池和天恒儲能系統等新產品。寧德時代德國工廠目前正在爬坡,2024年預計盈虧平衡,匈牙利工廠預計2025年投產,預計歐洲當地建廠能助力寧德時代歐洲市場份額進一步提升。該行認為,寧德時代作為全球動力電池和儲能電池雙市佔率第一,且技術實力領先,給予2024年26-30倍PE估值區間,對應合理價值區間為309.34-356.93元。給予“優於大市”投資評級。
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