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《大行》美銀證券:寧德時代(03750.HK)5月全球電池裝機市場份額穩定於38% 評級「買入」
美銀證券表示,根據RealLi數據,寧德時代(03750.HK)5月在中國的電池裝機容量(電芯層面)為26.2吉瓦時,按年增長39%。其國內市場份額在5月為42%,按年下降2.2個百分點,但按月上升2.0個百分點。5月寧德時代在中國的主要客戶為Tesla(TSLA.US)、吉利(00175.HK)和長安汽車(000625.HK),分別佔中國電池裝機容量的12%、11%和9%。根據供應鏈調查,寧德時代7月計劃產量預計約為60吉瓦時,按年增長47%,按月增長3%。小米(01810.HK)於6月26日推出SUV車型YU7,上市一小時內獲得28萬確定的訂單。小米YU7所有版本將使用寧德時代的電池,這對寧德時代在中國的市場份額應有正面影響。 根據SNE Research,寧德時代在5月實現38%的全球市場份額,按年和按月基本持平,位列全球第一。2025年前五個月,其全球市場份額為38%。在歐洲,其5月市場份額為44%,按年增長8個百分點,按月下降1個百分點,2025年前五個月市場份額同為44%。在歐洲,5月其最大客戶為大眾、奧迪及寶馬,分別佔其歐洲電池裝機容量的18%、12%和11%。 美銀證券維持對寧德時代的「買入」評級,基於其行業領先的電池技術和新產品策略以保護市場份額,以及其在技術和規模上的優勢,推動更大成本節約空間並維持高毛利率。目標價400元。寧德時代A股(300750.SZ)目標價為364元人民幣。
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