文/新浪财经香港站 王柳潞
摩根大通发表研究报告，将宁德时代（3750.HK）H股评级下调至“中性”，同时维持其A股（300705.SZ）的“增持”评级，宁德时代A股亦是该行在覆盖电池股中唯一给予“增持”的企业。
摩通表示，鉴于电动汽车产业链利润正经历更广泛的重新分配，行业盈利能力恶化的速度快于预期。
随着电池消费税、出口退税率下调以及贸易壁垒增加，整车厂利润已然承压，宁德时代或最先受到冲击。但因其具备将成本转嫁或部分消化的能力，长远或能借此增强客户粘性并成为最终赢家。
摩通指出，宁德时代H股较A股存有溢价，反映出在岸投资者对政策不确定性态度更为审慎，而全球基金则更倾向于押注其长期强劲的增长潜力。
对比其他大行，高盛预期宁德时代第三季纯利按年升30%至240亿元人民币；瑞银则认为股份被过度沽售，静待匈牙利工厂扩产等催化剂。
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