大行评级丨里昂:降宁德时代目标价至670港元,短期内未见明显正面催化剂

格隆汇
Oct 09
里昂发表研报指,宁德时代股价在过去两个月大幅回调后,市场目前最关注现价水平反映了多少利淡因素。该行仍维持宁德时代的“高度确信跑赢大市”评级,A股目标价由535元下调至460元,H股目标价由770港元下调至670港元。 该行指,以预测市盈率13倍作为估值下限推算,现价水平对应2027年预测市盈率约11.5倍,意味已反映市场对2027年盈利预测下调约12%的影响;若以此推算,2027年纯利或由该行预测的1160亿元降至约1020亿元,即同比增长放缓至约6%,当中反映了储能及电动汽车电池需求放缓以及利润率受压等忧虑。 里昂相信可能要等到明年首季才会见到较清晰的储能及电动汽车电池需求趋势,届时有望再成为股价再起动的催化剂,除本月下旬公布的第三季业绩外,短期内未见明显正面催化剂。

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