研報掘金丨東吳證券:維持寧德時代“買入”評級,目標價421元
東吳證券研報指出,寧德時代(300750.SZ)24Q4利潤處於預告中值,符合預期,持續分紅。考慮到公司爲全球動力電池龍頭,給予25年28x PE,對應目標價421元,維持“買入”評級。Q4動力出貨亮眼,儲能在途產品增加影響確收。產能方面,24年產能676gwh,同比增22%,24年底在建219gwh,擴產有所提速。展望25年,國內動力高景氣+海外儲能亮眼,預計公司銷量有望達到650gwh,增長35%+。公司高價產品如神行、麒麟、儲能系統佔比進一步提升,預計總體均價維持穩定。海外收入佔比微降,26年海外爆發大年,盈利方面,24年海外毛利率29.5%,同比提升8pct,較國內的高7pct,差距擴大。
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