《大行》里昂:中國稀土磁鐵難被取代 首選金力永磁(06680.HK)寧德時代(03750.HK)
里昂研究報告指,國際車廠希望中國加速稀土磁鐵出口,反映中國稀土磁鐵的主導地位;目前稀土磁鐵出口談判突顯了上遊供應緊張的局面。該行認爲,由於市場仍然缺乏中國以外的產能,因此中國製造的稀土磁鐵被取代的威脅仍然較低。
另外,5月內地的電池數據仍然具韌性,產量及銷售額分別按年升46%及56%,今年首五個月分別累計升51%及55%。5月電池出口按年增長38%,今年首5個月累計出口增長40%。
該行於稀土行業的首選爲金力永磁(06680.HK),目標價25元,予「高度確信跑贏大市」評級,因其在稀土中遊仍處於領導地位,可受惠於新能源領域的長期增長。而電池行業的首選則爲寧德時代(03750.HK),H股目標價447港元;寧德時代(300750.SZ)A股目標價380元人民幣,均予「跑贏大市」評級,料公司在緩慢但競爭激烈的國內電動車市場上可有良好表現,並認爲公司的領導地位有助其於尚未完全滲透的高端電動車市場進一步增長。
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