《大行》高盛:看到寧德時代(03750.HK)增長潛力 目標價升至411元
高盛發表報告指,預計寧德時代(03750.HK)(300750.SZ)於今年第二季收入將錄1,047億人民幣,純利將達到156億人民幣,認為其估值具有吸引力,維持對寧德時代A股和港股的「買入」評級,並看好該公司的增長潛力及吸引的風險回報比。
該行表示維持寧德時代A股目標價為323元。港股方面,高盛參考寧德時代港股相對A股過去一個月的平均溢價15%,對H股目標價從343港元上調至411港元。
高盛認為,寧德時代產品組合改善支撐單位毛利擴張趨勢。因得益於今年首五個月歐洲純電動車(BEV)市場銷量按年增長28%,帶動電池出口量創下月度歷史新高,寧德時代強勁的海外出貨,抵消了中國市場的逆風,高盛預計其混增電池單位毛利率將達到150元人民幣/千瓦時,較2025年首季的147元人民幣/千瓦時有所提升,預計寧德時代次季業績將有正面表現。
該行指,根據近期報告,寧德時代在洛陽(4期,總計120GWh)、山東(3期,總計180GWh)和福州(40GWh)等新生產基地的進展速度快於預期。高盛將2025年和2027年的資本支出預測分別上調25%至5%。調整後,高盛預計寧德時代的相對資本支出份額將從2024年的低點約13%增加至2025年的約24%,這將推動其未來幾年的市場份額增長。高盛又認為,寧德時代在美國市場進展及潛在的可觸達的市場(TAM)具有潛在的上行空間。
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