瑞银首次覆盖宁德时代，予“买入”评级，H股目标价390港元，相当于预测2026财年综合市盈率20.5倍。该行认为，电池并不只是商品，在电动车和储能系统(EES)的竞争中，安全、质量和技术的差异化越来越重要，预期公司今年的每单位的净利润将维持于每千瓦时107元，由领先的技术、高速创新、持续效率改善及控制成本所支持。 另外，该行认为公司将可受惠于国内电动车加速渗透、商用车辆的潜在电动化、储能系统的增长，以及未来电池于建筑机械、电动船及机器人等应用；预计公司2024至2029年销量的年均复合增长率为20%。瑞银指，宁德时代H股目前2026年市盈率17倍符合该行预期，但仍低于国轩高科26倍及LG新能源(LGES)的47倍，认为未完全反映公司的销量高速增长、强劲的单位盈利能力及股本回报率(ROE)表现。
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