文/新浪财经香港站 王柳潞
瑞银发研究报告指出，考虑到宁德时代（3750.HK）第三季电池单位利润回落至历史低位，以及季内净利润低于买方预期等因素，瑞银将公司2026至2028年盈利预测下调11%至14%，同时下调目标价约11%，由820港元降至730港元。维持“买入”评级。
报告表示，宁德时代第三季净利润为212亿元人民币，虽同比增长15%，但季比下滑6%，落后买方预期约一成；前三季累计净利润645亿元，仅相当于市场与瑞银全年预测的62%至67%，不排除引发市场对全年盈利预期的下调。扣除非经常性损益后，三季度净利润为189亿元人民币，季比降10%。
报告表示，尽管第三季公司电池销量突破260 GWh，但按此计算的单位利润回落至每千瓦时82元的历史低位，主因产品结构变动、低增值业务增加，以及9月起的锂电池消费税与出口退税率下调等政策与结构性逆风所致。但管理层仍对2027年行业维持20%至30%的扩张信心。
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