大行评级|野村:降宁德时代A股目标价至408元,长期需求稳健惟短期盈利承压

格隆汇
Oct 21
野村发表报告指,宁德时代第三季业绩逊预期,维持“买入”评级,但将A股目标价由632元下调至408元。报告指出,宁德时代第三季收入同比增长59%、环比增长12%至1650亿元,大致符合电池出货量趋势。毛利率同比收缩5.1个百分点、环比收缩2.5个百分点至20.7%,主要由于收入组合转变,国内储能业务贡献增加。净利润同比增长15%、环比下跌6%至212亿元,净利率同比下跌4.9个百分点、环比下跌2.4个百分点至12.9%,公司将其主要归因于电池消费税增加、出口增值税退税减少,以及资产减值亏损上升。 该行认为,长期而言全球电池需求仍具韧性,主要受惠于欧洲及其他新兴市场电动车渗透率持续提升,以及能源安全与AIDC部署带动全球储能需求强劲增长。该行预期全球产能扩张计划按进度推进。

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