研報掘金丨海通證券:國軒高科海外業務表現強勁,首予“優於大市”評級
海通證券研報指出,國軒高科(002074.SZ)Q3扣非歸母淨利承壓,主要受匯兑損失影響,財務費用3.89億,23Q3和24Q2財務費用僅2.02和1.46億。預計Q3 出貨量約16GWh,其中儲能佔比35%。認為Q4國內動力市場或受益於“以舊換新”政策的持續催化,疊加Q4為儲能旺季,公司Q4出貨量或環比增長明顯。三代電芯進入中高端市場,未來或是公司動力電池重要增長點。此外,公司海外市場拓展順利,海外本土化建設加速。公司積極拓展國際儲能市場,海外業務表現強勁。給予2024年50-55倍PE估值區間,對應合理價值區間為27.26-29.98元。首次覆蓋,給予“優於大市”投資評級。
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