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《大行》匯豐研究升寧德時代(03750.HK)目標價至479元 海外市佔擴張驅動增長
阿思達克 07-31 17:44
匯豐環球研究發表報告指出,寧德時代(03750.HK)今年第二季淨利潤達到165億元人民幣,按年增長34%,按季增長18%,表現超出該行預期。強勁業績主要得益於穩定的出貨量及營運效率提升,上半年產能利用率達90%。過去一個月,A股和H股分別上漲10%和30%,顯着跑贏大市,反映市場對公司前景的信心增強。 展望2025年下半年,公司盈利前景保持樂觀。在歐洲市場,寧德時代有潛力持續擴大市佔率,2025年前五個月在歐洲電動車電池市場的佔有率提升至44.6%,裝機量按年增長63%。海外訂單的利潤率結構性高於國內市場,爲盈利提供支撐。國內電池價格有望在下半年觸底反彈,配合季節性需求改善及政策環境趨於穩定,行業價格壓力或將緩解。此外,公司在海外儲能系統領域的訂單儲備已達48GWh,爲未來增長奠定基礎。 匯豐研球研究相應上調寧德時代2025年至2027年盈利預測4%至6%,主要反映歐洲出貨量增長及國內價格前景改善的預期。基於現金流量折現法估值,將寧德時代(300750.SZ)A股目標價從322元人民幣上調至363元人民幣,H股目標價由359港元上調至479港元,維持「買入」評級。該行持續看好寧德時代在盈利能力及海外市場拓展方面的優勢。
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