《大行》高盛因估值因素降寧德時代(03750.HK)評級至「中性」 目標升至436元
高盛研究報告指,寧德時代(03750.HK)次季收入達940億元人民幣,按年增長8%,較該行預期低10%;淨利潤165億元人民幣,按年增長34%,較預期高6%。該行估算次季電池銷售量約150吉瓦時,按年升34%,但較預期低5%,單位毛利為每千瓦時135元人民幣,低於預期的150元人民幣,亦較首季的136元人民幣輕微下跌。儘管次季整體毛利240億元人民幣,較預期少23億元人民幣,但金融收益及營運費用好過預期,令盈利表現超預期。
該行將2025至27年盈利預測分別下調1%、5%及3%,主要反映電池單位毛利預期下降。維持寧德時代A股(300750.SZ)的「買入」評級,目標價由323元上調至328元人民幣,但因估值因素下調H股評級至「中性」,目標價由411港元上調至436港元。
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