大行評級丨麥格理:對寧德時代H股上市持正面看法 首予“跑贏大市”評級及目標價360港元
麥格理髮表報吿,首予寧德時代H股“跑贏大市”評級,目標價為360港元,此相當於預測2026財年市盈率18倍,較該行更新後對寧德時代A股目標價320元有4%的溢價。麥格理指,對寧德時代H股上市持正面看法,管理層將募集的46億美元中90%用於擴建匈牙利電池生產,投資理據合理。此擴建將滿足歐洲主要汽車製造商的電池需求,支持該行對寧德在海外市場持續提升電池份額的看法。麥格理預計,寧德時代2025年至2027年純利預測各為677億、806億及988億元,每股盈利預測各為15元、17.7元及21.7元,分別同比增長30%、17.9%及22.5%,股本回報率各為23.9%、23.8%及25.7%,股息回報各為2.8釐、3.4釐及4.1釐。
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