研報掘金丨國聯證券:予廈鎢新能“買入”評級 鈷酸鋰連續多年市佔率全國第一
國聯證券研報指出,廈鎢新能(688778.SH)鈷酸鋰連續多年市佔率全國第一,2024年全球市佔率達44%。公司對4.5V+鈷酸鋰材料性能進行改良,逐步解決材料高温循環、安全等問題,成為國內為數不多可量產4.5V鈷酸鋰正極材料的供應商,且4.53V鈷酸鋰產品已通過多家客户認證,實現小批量供貨。公司產品覆蓋全鎳系+全電壓平台,“技術+客户”雙重護城河有望助力公司市佔率持續提升。考慮到公司是鈷酸鋰龍頭公司、中鎳高壓產品持續放量疊加卡位佈局硫化物固態電解質,綜合絕對估值和相對估值法,給予公司首次“買入”評級。
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