《大行》摩通料寧德時代(03750.HK)股價短期或回調 目標價400元籲「增持」
摩根大通研究報告指,雖然寧德時代H股(03750.HK)仍然是其中國電池行業中首選,但預期股價在近期大幅上升(近兩周累升30%)後短期可能會出現回調。維持目標價400元及「增持」評級。
該行表示,公司近月的產能增長是行業最高,雖然顧問意見反映7月中的產能略有下降,但整體增長仍然穩健且高過預期。另外,該行預期次季盈利將勝預期,料銷量為140至150吉瓦時,淨利潤按年升25至30%,到155億至160億元人民幣,單位經濟與首季相若。
至於美國《減少通貨膨脹法案》(IRA)稅務減免限制對公司技術授權業務(LRS)的影響,該行指雖然兩個合作夥伴特斯拉和福特近日都釋出利好消息,但法案中提到在法案落實後簽訂的授權協議可能不符合獲得稅務減免的資格,因此預期除了現有與特斯拉和福特的協議,未來或不會在美國再有新的技術授權。
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