异动解读 | 宁德时代盘中大跌逾5%，二季度毛利率逊于预期叠加电池消费税重启引发市场忧虑

异动解读

Aug 06

宁德时代（03750）今日盘中大幅下挫，跌幅一度超过5%，最低触及628.5港元，引发了市场的广泛关注。

消息面上，此次股价下跌主要受到多重利空因素影响。首先，里昂证券发布研报指出，宁德时代第二季度毛利率逊于预期，触发市场新一轮忧虑。由于公司刚开始量产钠离子电池，投资者难以确定其利润率能否在下半年回升。尽管里昂维持"高确信跑赢大市"评级及港股目标价770港元，但短期毛利率压力仍对股价形成压制。其次，财政部、海关总署、税务总局此前发布公告，对锂原电池、锂离子蓄电池等此前免征消费税的电池产品分步恢复征收消费税，设置两档阶梯税率——2026年9月1日至2026年12月31日按照2%征收，2027年1月1日起税率上调至4%。在此政策背景下，已有电池企业陆续向客户下发调价函，市场对行业盈利前景产生担忧。

此外，宁德时代2026年上半年实现营业收入约2769.17亿元，同比增长54.80%；归属于上市公司股东的净利润约432.84亿元，同比增长41.98%。尽管业绩保持增长，但二季度整体毛利仅录得342.2亿元，毛利率为23.2%，接近2024年以来的最低点，成为市场短期抛售的导火索。锂电池概念股板块亦整体承压，赣锋锂业、中创新航、天齐锂业等同步走低。

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