Tiger Brokers

大行评级｜大摩：自首选股名单中剔除宁德时代A股，目标价降至335元

格隆汇
Oct 27
摩根士丹利发表研报指，宁德时代第三季收入同比增长59%，反映出货量及市场份额均表现强劲，惟产品组合波动超预期，导致盈利能力被高估。单位净利润环比减少约每千瓦时29元，大摩指当中已计及锂库存亏损、汇兑亏损、消费税、增值税退税减少、客户回扣及产品组合变化等因素，若加回一次性及可逆项目后，第三季单位净利润表现仍具韧性。 该行将今年净利预测下调6%至894亿元，2027年及2028年分别下调7%及10%，对长远前景仍乐观，认为除美国市场以外全球电气化可触及市场在未来五年或翻倍，钠电池产品周期开始落地，换电联盟进展良好，但预期宁德时代H股未来三个月可能仍然波动，H/A溢价或进一步收窄，因此将H股评级由“增持”降至“与大市同步”，目标价由705港元大削44.7%至390港元；A股目标价由500元大降33%至335元，并自首选股名单中剔除A股，惟维持“增持”评级。

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