研報掘金丨東吳證券:維持億緯鋰能“買入”評級,目標價70元
東吳證券研報指出,億緯鋰能(300014.SZ)與美洲某集團客户簽署合作協議,公司及億緯馬來西亞為客户提供電芯。公司馬來西亞工廠預計25年年底投產,26年Q1開始貢獻產量。海外電池廠鐵鋰產能進展較慢,美國儲能系統目前仍依賴於國內鐵鋰電芯,國內廠商海外儲能產能較為稀缺,億緯海外產能進展較快,此前已拿到Powin 的10GWh訂單,馬來工廠目前產能供不應求,若按照馬來工廠26年出貨10GWh左右計算,我們預計億緯鋰能北美儲能市佔率提升至5-10%左右。馬來工廠主供海外市場,預計單位盈利高於當前的儲能盈利0.03元/wh,按照0.05-0.07元/wh估算,預計26年貢獻5-7億利潤。考慮到公司儲能高速增長,給予25年26倍PE,目標價70元,維持“買入”評級。
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