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大行評級丨里昂:首予寧德時代H股“高度確信跑贏大市”評級 目標價爲385港元

里昂發表報告,首予寧德時代H股“高度確信跑贏大市”評級,目標價爲385港元。該行指,寧德時代本月完成期待已久的香港上市,通過發行1.36億股H股(每股263港元)籌集46億美元。融資將支持公司擴大歐洲業務,爲其在歐洲的新產能提供資本支出。寧德時代資產負債表上充裕的現金(450億美元)也將爲未來電池技術研發提供充足資金,其中固態電池最令人期待。

里昂認爲,寧德時代在4月技術日發佈的鈉離子電池和第二代神行LFP電池未獲得市場足夠重視。該行認爲,這顯示了公司卓越的研發能力和營運效率,鞏固了其在全球電池領域的領先地位。新電池產品應能在未來幾個季度提升寧德時代的整體利潤率,重振其利潤率擴張的主題故事。

里昂料寧德時代預測2025年至2027年純利各爲692.02億、829.78億及988.69億元,2025年至2027年每股盈利預測各爲15.18元、18.2元及21.69元,同比分別增長31.2%、19.9%及19.2%,2025年至2027年股本回報率25.2%、24.7%及24.2%。

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