《大行》瑞銀首予寧德時代(03750.HK)買入評級 目標390元
瑞銀首次覆蓋寧德時代(03750.HK),予「買入」評級,目標價390元,相當於預測2026財年綜合市盈率20.5倍。
該行指,雖然投資者憂慮地緣政治及競爭激烈下,公司是否能維持其品牌溢價及高利潤率,但該行認爲電池並不只是商品,在電動車和儲能系統(EES)的競爭中,安全、品質和技術的差異化越來越重要,預期公司今年的每單位的淨利潤將維持於每千瓦時107元人民幣,由領先的技術、高速創新、持續效率改善及控制成本所支持。
另外,該行認爲公司將可受惠於國內電動車加速滲透、商用車輛的潛在電動化、儲能系統的增長,以及未來電池於建築機械、電動船及機械人等應用;料公司2024至2029年銷量的年均複合增長率爲20%。
瑞銀指,寧德時代H股目前2026年市盈率17倍符合該行預期,但仍低於國軒高科(002074.SZ)26倍及LG新能源(LGES)的47倍,認爲未完全反映公司的銷量高速增長、強勁的單位盈利能力及股本回報率(ROE)表現。
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