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研報掘金丨財通證券:恩捷股份海外佈局進展順利,維持“中性”評級

財通證券研報指出,受下游降本壓力與市場競爭影響,恩捷股份(002812.SZ)Q3盈利能力承壓。積極開拓海外市場,穩步推進建設:2020年,匈牙利恩捷一期項目開始投資建設,目前已建完,正處於多個海外客户驗證階段,預計今年四季度開始生產和供應。目前公司與多家海外頭部客户,如松下、LGES、法國ACC、Ultium、海外某大型車企,國內大型知名鋰電池企業寧德時代、中創新航、億緯鋰能等達成長期合作,和下游客户深度綁定。預計未來將不斷挖掘現有客户和拓展新客户來提升海外份額。公司是隔膜行業龍頭,規模效應顯著。維持“中性”評級。

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