交银国际:电池需求景气度仍有支撑 盈利及2027年需求担忧已部分反映在股价中

智通财经
Oct 21
【交银国际:电池需求景气度仍有支撑 盈利及2027年需求担忧已部分反映在股价中】智通财经APP获悉,交银国际发布研报称,当前电池行业需求及排产仍维持较高景气度。展望2027年,全球新能源装机增长、数据中心用电需求及电网侧储能建设有望继续支撑储能电池需求;动力电池方面,欧洲及新兴市场电动化渗透率提升有望贡献增量,但中国内地需求增速或有所放缓,北美市场仍存在不确定性。盈利端,9月起锂离子蓄电池正式按2%征收消费税,叠加出口退税下调及行业价格竞争,电池企业单位盈利仍面临下行压力。另一方面,电池板块自年中以来经历较大幅度回调。该行认为,近期股价调整不仅反映了市场对税费增加及单位盈利下行的担忧,也在一定程度上反映了投资者对2027年动力电池需求增速放缓及行业供需格局的谨慎预期,当前风险收益比有所改善。

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