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《大行》里昂升寧德時代(03750.HK)目標價至447元 維持「跑贏大市」
里昂研究報告指,該行較早前發布的內地車企報告顯示,國內的電動車銷量的年均複合增長率將於2030年降至10%。而該行認為寧德時代(03750.HK)(300750.SZ)在增長放緩但競爭激烈的電動車市場中將會有良好表現,並且優於其他同行,因為公司定位為高端電池製造商,其產品佔內地高端電動客車72%市場份額,令公司的平均售價及利潤率可優於大眾市場。而內地高端電動車市場仍未完全滲透,表示即使整體增長放緩,該市場仍有大量增長空間。 報告指,寧德時代H股自上市起較A股有12%溢價,而對照比亞迪(01211.HK)H股自5月起較A股亦持續有3%溢價,因此該行將寧德時代H股的股價預測由較A股折讓5%,調整為溢價10%,因而將目標價由385元升至447元,維持「跑贏大市」評級。
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