瑞银发布研报称，将宁德时代（03750）目标价由820港元下调至730港元，维持“买入”评级，并将公司2026至2028年净利润预测下调11%至14%，调整后预测区间为900亿至1，310亿元人民币。
宁德时代第三季度净利润为212亿元人民币（下同），同比增长15%，但环比下降6%，较买方预期低约10%。2026年前九个月净利润为645亿元，仅达到全年市场共识及该行预测的62%至67%，可能导致市场下调全年共识预期。剔除非经常性项目后，公司第三季度净利润为189亿元，同比增长15%，但环比下降10%。
期内，公司电池销量超过260GWh，其中储能系统（ESS）电池约占25%，电动车电池约占75%。该行指出，按此计算，公司单位利润降至每千瓦时82元人民币，创历史新低，主要受季度产品组合波动、低附加值项目增加、9月1日起对锂离子电池征收消费税，以及出口增值税退税率由9%降至6%等因素影响。尽管短期盈利承压，管理层对2027年行业增长20%至30%的前景仍保持信心。
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