《大行》摩通因估值考量降寧德時代(03750.HK)評級至「中性」 目標價升至415元
摩根大通發表報告指,寧德時代(03750.HK)次季銷量約150吉瓦時,淨利潤約165億元人民幣,均好過該行預期。不過超預期的表現亦可能是市場預料之內,因該公司的H股及A股在過去9個交易日分別升24%及10%,同期恆指升4%;目前寧德H股較A股溢價逾40%。
該行將寧德時代盈利預測上調5%以反映業績好高預期,並將H股目標價由400元上調至415元,相當於預測2026年及2027年綜合市盈率20倍。考慮到H股自上市以來已累升62%,估值已趨合理(H股相當於預測今明兩年市盈率各26.9倍22倍),故下調評級由「增持」降至「中性」,強調該下調純屬估值考量。而寧德時代A股(300750.SZ)仍為該行在中國電池行業中的首選,維持「增持」評級,寧德時代A股目前估值相當於預測今明兩年市盈率各19.1倍15.7倍。
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