摩根大通发布研报称，宁德时代（03750）已获批准收购吉利汽车（00175）旗下重庆耀宁新能源科技有限公司的股权，该公司拥有即将完工的24吉瓦时（GWh）电池生产项目。报告认为，这宗交易不仅是产能扩张，更可能是中国电池行业进入整合阶段的早期信号，反映原始设备制造商（OEM）自建电池产能的策略面临挑战，同时突显已获批产能资产的战略价值。该行指出，宁德时代仍为中国电池价值链的首选，目标价725港元，评级“增持”。
摩根大通指出，相关交易对行业结构正面。交易并非在已竞争激烈的市场再增加另一独立电池供应商，而是将资产置于行业领导者营运控制之下。该行相信可有助于减少分散竞争、改善资本纪律，并长远支持更健康行业盈利能力。
报告指出，重庆耀宁原于吉利生态内发展，作为其电池自供策略一部分，但看来将于达致商业生产前转移予宁德时代。该行认为，这强化电池电芯制造相关的重大营运、技术及资本要求。同时，相信投资者可能继续高估整车厂电池自给自足的速度及规模，亦低估了如宁德时代等行业领导者的制造优势。
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