中创新航:锂电领军者 基本面逐步迎拐点 国际化打开成长空间

中金公司
Jul 24, 2025

投资亮点首次覆盖中创新航(03931)给予跑赢行业评级,目标价24.20 港元,基于P/E 估值法,对应25.8x/19.1x 2025/2026e P/E,公司是国内锂电领军厂商,综合实力处于行业领先。理由如下:动力电池跻身头部,客户结构持续优化。我们认为全球动力电池需求空间广阔,车企供应链战略带来后发优质电池厂商突围机遇。公司凭借中镍高电压产品差异化突围国内市场,切入长安、广汽等国内头部车企...

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