《大行》匯豐首予寧德時代(03750.HK)目價價359元 籲買入
匯豐研究首次覆蓋寧德時代(03750.HK)H股,予目價價359港元;另外維持寧德時代(300750.SZ)A股目標價322元人民幣,均予「買入」評級。報告指,寧德時代的規模、領先技術及質量控制,令其擁有強大的議價能力。去年公司的經營利潤佔整個國內電動車電池供應鏈行業的87%,即使2022年起出現電動車價格戰及鋰價下跌,公司的經營利潤仍然具韌性。該行料電動車行業供應過剩問題對寧德時代的影響有限,並預期使用率將維持高位,從而令公司在行業加速整合期間保障利潤率。
報告提到,寧德時代在海外市場的份額不斷增加,並於海外建構產能,即使關稅對國內供應商構成挑戰,公司仍能繼續於海外擴張,料海外產能佔整體產能的比例將由2024年的2%增至2027年的10%。另外,雖然儲能系統電池於去年僅佔公司收入16%,但該行認爲這代表有顯着的增長機會,料2025至27年儲能系統電池出貨量的年均複合增長率將達21%,相比起電動車電池爲13%。
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