宁德时代（03750）今日盘中大幅下挫5.04%，引发市场广泛关注。
消息面上，公司此前披露的半年报显示，第二季度毛利率按季下跌1.7个百分点至23%，为连续第二个季度出现环比回落，表现逊于市场预期。里昂发布研报指出，毛利率表现令人意外，主因下游价格竞争激烈，导致成本传导未能在第二季度实现，料短期股价将承受压力。该行将宁德时代今年至2028年净利润预测下调1%至4%，并将H股目标价由820港元下调至770港元。交银国际也指出，第二季度盈利端承压，毛利率环比下降主要受原材料涨价传导滞后影响，短期价格传导仍存在一定滞后。
尽管公司同步推出了200亿至400亿元人民币的A股史上最大规模注销式回购计划，且多家大行维持"买入"评级，但毛利率隐忧仍主导今日盘面走势，股价在盘中出现明显回调。
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