研報掘金丨華創證券:維持寧德時代“強推”評級,目標價369.25元
華創證券研報指出,寧德時代(300750.SZ)24年歸母淨利潤 507.45億,同比+15%;Q4歸母淨利潤147.4億,環比+12.2%。報吿期內,公司在動力電池和儲能電池領域的市場份額繼續穩居全球榜首。根據SNE 數據,公司在動力電池領域連續8 年全球使用量排名第一,2024 年全球市佔率達到37.9%;在儲能領域,公司連續4 年全球出貨量排名第一,2024 年全球市佔率為36.5%。國內市場,中國電動化率預計到2030 年將進一步提升至80%-90%,智能駕駛的廣泛應用也將進一步推動電動化市場的增長。海外市場方面,2025 年1-2 月歐洲市場表現良好,全球動力市場中長期增長趨勢確定,市場空間廣闊。考慮到公司作為電池行業的龍頭,市佔率和銷量持續領跑全球,且公司具備客户粘性高和供應鏈韌性強的優勢。參考可比公司估值,給予2025年25x PE,對應目標價為369.25元,維持“強推”評級。
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