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研報掘金丨西部證券:首予國軒高科“增持”評級,看好公司長期成長性
西部證券研報指出,國軒高科動力客戶結構不斷優化,B級及以上車型佔比持續提升,大衆集團爲第一大股東賦能業務長期增長,固態“金石”電池中試線貫通。看好公司長期成長性,首次覆蓋,給予“增持”評級。公司佈局固態“金石”電池,0.2GWh中試線已經貫通,行業領先;公司G垣準固態電池產能建設持續推進;啓晨二代電芯爲全球首款LMFP 超充電芯已經量產裝車;G行超級重卡標準箱單包電量116kWh,兆瓦級極速補能。2021年以來,公司B級及以上中高端配套佔比穩步提升,2025Q1公司配套前15車型中,B級及以上車型有5種,創歷史新高,佔公司動力電池出貨量比例達15%,隨着動力客戶結構持續改善,公司盈利性有望持續提升。
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