金吾财讯 | 交银国际研报指，瑞浦兰钧(00666)发布盈利预告，预计2025年度实现归母净利润6.3-7.3亿元人民币（2024年：亏损13.53亿元人民币）。该机构指，受益于全球能源转型加速，2026年储能行业预计维持高景气度。瑞浦兰钧精准卡位户储赛道，出货量位居行业前列。为配合市场扩张，公司产能规划清晰：2025年产能为90GWh，预计2026年扩至约120GWh，规模效应有望持续释放。产品方面，公司大力推广直流侧系统集成产品，有望带动整体储能板块毛利率的结构性提升。当前原材料价格反弹，碳酸锂价格波动导致电芯成本抬升，加之出口退税率下调对出口利润的短期挤压，影响锂电企业毛利率。公司已对部分产品启动动态调价机制，有望有效平摊原材料上涨压力。该机构调整公司2025-27年归母净利润至6.32/12.68/16.82亿元。维持目标价15.46港元，对应1.0倍2026年市销率，维持买入评级。
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