研報掘金丨東吳證券:先導智能綜合盈利能力&經營情況將持續改善,維持“買入”評級
東吳證券研報指出,國內龍頭重啓擴產,先導智能(300450.SZ)有望充分受益。寧德時代港股IPO募集資金達353億港元,寧德是先導戰略股東(2020年定增入股)。2025Q1與寧德實際關聯交易規模達21億元(2025年全年預計關聯交易規模約85億元),同比大增,25Q1關聯交易規模接近2024全年實際規模的60%,寧德訂單有望重回2020-2021年規模。另外,先導智能經營性現金流已於2024Q4及2025Q1連續兩個季度大幅轉正,改善趨勢明顯。認爲隨着未來海外營收佔比提升,公司綜合盈利能力&經營情況將持續改善。看好國內動力電池龍頭擴產提振對鋰電設備需求,考慮到公司估值水平及成長性,維持“買入”評級。
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