智通财经APP获悉，花旗发布研报称，下调中创新航(03931)及宁德时代(03750)H股目标价，均维持“买入”评级。其中，中创新航目标价由40.9港元下调至33.1港元，宁德时代H股目标价由888港元下调至765港元，宁德时代(300750.SZ)A股目标价降至500元人民币。该行认为，随着电池产能赶上需求，行业将进入下行周期，但电池产业链整体利用率保持稳定，供需格局将较为均衡，情况并没有市场预期般悲观。
该行认为，未来的机会将更侧重估值及个别公司，其跨板块首选股包括宁德时代A股、中创新航、亿纬锂能、LG Energy Solution、科达利、湖南裕能及Panasonic。
该行指出，下调中创新航目标价，主要反映2026年预测市盈率估值倍数由22.2倍降至行业平均的18倍。宁德时代H股目标价下调主要由于A股目标价下降，目前基于公司历史平均的15.7倍2026年EV/EBITDA倍数，此前为17.5倍。
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