智通财经APP获悉，里昂发布研报称，重申对宁德时代(03750)及(300750.SZ)的“高度确信跑赢大市”评级，目标价分别710港元及505元人民币。在H股强劲的2025年第四季业绩揭晓后，过去一周累升33%，H股较A股溢价扩大至45%的纪录高位。投资者已大致放下年初至今的主要担忧，该行认为这在年内余下时间应会逐步改善。该行在股价上升后仍对宁德时代持正面看法。
该行指出，下一个关键日期将是4月底公布的宁德时代2026年第一季业绩，估计宁德时代2026年第一季毛利率将因成本转嫁滞后而按季下跌1至2个百分点，但受电池出货量强劲带动，2026年第一季纯利仍应按年增长约45%至200亿元人民币。该行相信2026年第一季将是电池制造商如何抵御原材料成本急升的证明，认为宁德时代将能较同业更好地抵御成本上涨。
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