金吾财讯 | 招银国际研报指，考虑到丰田bZ3X纯电车型及智己LS6增程车型销量超预期，该机构将正力新能(03677)2025年电池销量预测从18.4GWh上调至19.6GWh。受益于广汽丰田和上汽通用收入占比提升带来的产品组合优化，该机构预计正力下半年平均售价将从上半年的0.41元/Wh升至0.43元/Wh，毛利率有望环比提升0.2个百分点至18.1%。叠加新中源合资公司稳定利润贡献，该机构预计2025年净利润将同比增长550%至5.91亿元（2H25为3.7亿元）。2026年展望：近期大众 ID. ERA 9X增程、零跑A10纯电及红旗HQ9插混等进入工信部目录的新车型均选用正力作为电池供应商，后续还会有更多车型的渗透，尤其是丰田、大众和上汽的新车型，也验证了该机构之前对于正力巩固已有客户并加速进入优质新客户的判断。该机构维持正力2026年30GWh销量预测（同比增长53%）。鉴于客户结构优化及潜在电池涨价，该机构将2026年收入预测上调8%至146亿元，毛利率预期提升0.5个百分点至18.5%，净利润预测相应上调4%至13.6亿元。维持买入评级，目标价18港元，仍基于22x FY27E P/E。
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