《大行》大摩:寧德時代(03750.HK)宜春鋰礦停產或推動鋰價上漲 有利庫存價值提升
摩根士丹利發表研究報告指,據報,寧德時代(03750.HK)旗下年產10萬噸碳酸鋰當量的宜春(木見)下窩鋰礦的採礦許可證已到期,目前生產已暫停。大摩指,資料顯示該礦產能約佔公司總需求30%,但該礦此前作為全球鋰產能的調節供應,過去數個季度曾因利用率低迷而僅處於盈虧平衡或輕微虧損狀態。
考慮到寧德時代去年第三季已計提逾30億元人民幣資產減值損失,以反映鋰價疲弱情況,大摩預期宜春鋰礦停產或推動鋰價上漲,反而有利寧德時代現有原材料庫存的價值提升,看好憑藉規模優勢,寧德時代的合約鋰價仍較中小型電池廠商更具競爭力,加上成本上漲可轉嫁予汽車製造商,仍給予「增持」評級,目標價465元。
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