研報掘金丨光大證券:維持寧德時代“買入”評級,關注港股IPO帶來國際化估值溢價的機會
光大證券研報指出,寧德時代(300750.SZ)24年歸母淨利潤507.4億元,同比增長15.0%。公司24年鋰電池銷量475GWh,同比增長21.79%。盈利能力方面,24年動力電池毛利率23.94%,同比提升5.81pct;儲能電池毛利率26.84%,同比提升8.19pct。公司產能利用率76%,下半年提升至較高水平,24年底產能676GWh,在建產能219GWh,產能擴張提升增長預期。公司產能利用率高、產能擴張,動力儲能遠期增速預期提升,上調25-26年(上調8%、7%)、新增27年公司歸母淨利潤預測分別爲656/789/953億元,當前股價對應PE 爲17/14/12X,維持“買入”評級,關注港股IPO帶來國際化估值溢價的機會。
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