中金：首予宁德时代(03750)跑赢行业评级目标价580港元

智通财经2025-12-24

智通财经APP获悉，中金发布研报称，预计宁德时代(03750)2025-2026年EPS分别为15.27元和19.74元，2024-2026年CAGR为31.6%。港股目前交易于2026年23.1X P/E。首次覆盖H股给予跑赢行业评级，港股目标价580.0港元，对应2026年26.5X P/E，有14.9%上行空间。同时，该行维持(300750.SZ)A股跑赢行业评级和445元目标价不变，A股...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2593844018?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-24 09:50","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2593844018","market":"fut","top_or_hot":-1,"title":"中金：首予宁德时代(03750)跑赢行业评级 目标价580港元","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，中金发布研报称，预计宁德时代(03750)2025-2026年EPS分别为15.27元和19.74元，2024-2026年CAGR为31.6%。港股目前交易于2026年23.1X P/E。首次覆盖H股给予跑赢行业评级，港股目标价580.0港元，对应2026年26.5X P/E，有14.9%上行空间。同时，该行维持(300750.SZ)A股跑赢行业评级和445元目标价不变，A股...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1385290.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中金：首予宁德时代(03750)跑赢行业评级 目标价580港元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中金：首予宁德时代(03750)跑赢行业评级 目标价580港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-24 09:50 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1385290.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中金发布研报称，预计宁德时代(03750)2025-2026年EPS分别为15.27元和19.74元，2024-2026年CAGR为31.6%。港股目前交易于2026年23.1X P/E。首次覆盖H股给予跑赢行业评级，港股目标价580.0港元，对应2026年26.5X P/E，有14.9%上行空间。同时，该行维持(300750.SZ)A股跑赢行业评级和445元目标价不变，A股...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1385290.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0149534421.HKD","symbol_name":"SCHRODER ISF HONG KONG EQ \"A\" ACC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1385290.html","article_id":"2593844018","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2593844018","pubTimestamp":1766541024,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，中金发布研报称，预计宁德时代2025-2026年EPS分别为15.27元和19.74元，2024-2026年CAGR为31.6%。首次覆盖H股给予跑赢行业评级，港股目标价580.0港元，对应2026年26.5X P/E，有14.9%上行空间。宁德时代全球化布局走在行业前端，该行预计其海外产能有望于2025至2027年间逐步释放，支撑国际业务加速扩张。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"300750":"宁德时代","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU1934453819.USD":"AB CHINA A SHARES EQUITY PORTFOLIO \"A\" (USD) ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","IE00B8L5B284.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"B\" (USD) INC","SG9999001689.USD":"施罗德亚洲成长股票","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU1997244956.HKD":"ALLIANZ CHINA A-SHARES \"AT\" (HKD) ACC A","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","SGXZ49509284.SGD":"United China A Shares Innovation A Acc SGD","SGXZ81163826.USD":"UNITED CHINA A-SHARES INNOVATION \"A\" (USD) ACC","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0823426308.USD":"法巴中国股票基金","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","03750":"宁德时代","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","BK4585":"ETF&股票定投概念","LU0228659784.USD":"施罗德金砖四国基金","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","LU2506952337.HKD":"BNP PARIBAS CLIMATE IMPACT \"CRH\" (HKDHDG) ACC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU1721428347.USD":"BNP PARIBAS CLIMATE IMPACT \"C\" (USD) ACC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU2506952410.USD":"BNP PARIBAS CLIMATE IMPACT \"CRH\" (USDHDG) ACC A","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG)       ACC","LU1255011170.USD":"JPM CHINA A-SHARE OPPORTUNITIES \"A\" (USD) ACC","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU2298322129.HKD":"BGF SUSTAINABLE ENERGY \"A2\" (HKDHDG) ACC","LU2506952253.HKD":"BNP PARIBAS GREEN TIGERS \"CRH\" (HKD) ACC","BK1116":"电气部件与设备","BK4588":"碎股","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY  \"A\" (USD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU1969619763.USD":"EASTSPRING INV CHINA A SHARES GROWTH \"A\" (USD) ACC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU2495084118.USD":"ALLIANZ CHINA A-SHARES \"ATH\" (USDHDG) ACC","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","BK1610":"ETF&股票定投概念","IE0003851619.USD":"BNY MELLON ASIAN EQUITY \"B\" (USD) ACC","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU2348773727.SGD":"Aberdeen Standard SICAV I - Asian Sustainable Development Equity A Acc SGD-H","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2424517915.HKD":"abrdn SICAV I -  ASIAN SDG EQUITY \"A\" (HKD) ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU0188438112.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" ACC","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0106259558.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" ACC","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","IE0003795394.USD":"BNY MELLON ASIAN EQUITY \"A\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU2477742899.HKD":"BNP PARIBAS CLIMATE IMPACT \"C\" (HKD) ACC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU2580892789.USD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (USD) ACC","LU0405327148.USD":"ALLSPRING CHINA A FOCUS \"A\" (USD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU2360107325.USD":"BGF FUTURE OF TRANSPORT \"A4\" (USD) INC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU1997245094.SGD":"安联神州A股基金AT Acc SGD","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0724618433.USD":"BGF NEW ENERGY \"A4\" (USD) INC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0823414478.USD":"法巴经典能源转换基金","LU2580892862.HKD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (HKD) ACC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU1979443071.USD":"AB CHINA A SHARES EQUITY PORTFOLIO \"AD\" (USDHDG) INC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU1146622755.USD":"安本中国A股股票基金A Acc","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0405327494.USD":"ALLSPRING CHINA A FOCUS \"I\" (USD) ACC","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0048580855.USD":"富达大中华区A","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","BK4526":"热门中概股","LU0302445910.USD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" ACC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","IE00B8HQ1Z84.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"A\" (USD) ACC","LU1580142542.USD":"Blackrock Systematic China A-Share Opportunities A2 USD","LU0359201612.USD":"贝莱德中国基金A2","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU2153592121.USD":"Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Equity A Acc USD","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","LU2153591404.USD":"Aberdeen Standard SICAV I - Asian Sustainable Development Equity A Acc USD","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","BK0224":"电气机械","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU2294711713.HKD":"BNP PARIBAS ENERGY TRANSITION \"C\" (HKD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2348774022.SGD":"Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Equity A Acc SGD-H","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU1978683503.SGD":"Blackrock Sustainable Energy A2 SGD-H","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU2298064838.USD":"NINETY ONE GSF GLOBAL ENVIRONMENT \"A\" (USD) INC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","BK4519":"光伏太阳能","SG9999001846.SGD":"Schroder Asian Equity Yield A Dis SGD","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","LU2238339852.HKD":"NINETY ONE GSF GLOBAL ENVIRONMENT \"A\" (HKD) ACC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU1102505762.USD":"富达新兴市场焦点 A","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU1820825898.SGD":"Aberdeen Standard SICAV I - China A Share Equity A Acc SGD-H","BK4141":"半导体产品","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU2289578879.USD":"ALLIANZ CHINA A OPPORTUNITIES \"AT\" (USD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU1861214812.USD":"Blackrock Future of Transport A2 USD","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0823437842.USD":"PARVEST GREEN TIGERS \"C\" (USD) INC","LU0594300419.USD":"富达中国消费基金A","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU1997245177.USD":"安联神洲A股基金","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU2328871848.SGD":"Eastspring Investments - China A Shares Growth AS SGD","LU0505663152.USD":"abrdn SICAV I - FUTURE MINERALS \"A\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1861219969.SGD":"Blackrock Future of Transport A2 SGD-H","LU1039395188.USD":"BNP PARIBAS GREEN TIGERS \"C\" (USD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU2275660780.HKD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" (HKD) ACC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU0192582467.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" (USD) INC MF","LU0124384867.USD":"贝莱德新能源基金A2","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU1939255532.USD":"NINETY ONE GSF GLOBAL ENVIRONMENT \"A\" (USD) ACC"},"translate_title":"CICC: First time to Ningde Times (03750) outperform industry rating target price of HK $580","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300750":1.97,"03750":1.97,"EVS.SI":0.6},"content_text":"智通财经APP获悉，中金发布研报称，预计宁德时代(03750)2025-2026年EPS分别为15.27元和19.74元，2024-2026年CAGR为31.6%。港股目前交易于2026年23.1X P/E。首次覆盖H股给予跑赢行业评级，港股目标价580.0港元，对应2026年26.5X P/E，有14.9%上行空间。同时，该行维持(300750.SZ)A股跑赢行业评级和445元目标价不变，A股目前交易于2026年19.4X P/E，目标价对应2026年23.1X P/E，有19.0%上行空间。中金主要观点如下：宁德时代率先发掘海外市场增长潜力该行认为，海外新能源汽车及储能市场整体增长潜力大，欧美等地区推行本土化政策，加之地缘政治风险加剧，中国企业海外产能布局势在必行。宁德时代全球化布局走在行业前端，该行预计其海外产能有望于2025至2027年间逐步释放，支撑国际业务加速扩张。新兴应用场景不断涌现，推动锂电需求持续增长该行认为，锂电池在电动飞机、船舶、工程机械及数据中心等新场景应用加速，预计中长期将持续拉动需求。上述新兴应用场景在技术、安全及可靠性方面存在更高壁垒。公司在新兴领域产品布局领先。宁德时代竞争优势稳固，盈利能力卓越，技术引领行业自2022年以来，公司凭借对产业链上下游强势议价能力，以及客户/产品结构、设备利用率等方面的优势，持续保持行业领先盈利水平。公司研发覆盖全产业链，紧跟行业发展趋势，产品和技术领先。公司是高分红、高ROE的稀缺标的，财务管理审慎，盈利安全垫扎实在会计处理上，宁德时代对折旧和销售服务费用、销售返现及减值等准备金计提较为审慎，形成了坚实的盈利安全垫。该行预计后续销售服务费及销售返现计提的逐步冲回有望增厚利润。公司注重股东回报，23年以来持续保持较高分红率水平。投资建议市场担心中长期市场份额及盈利稳定性，但该行认为公司国际化业务及产能规模扩张，中长期市场份额有望稳固;同时，公司凭借产业链较强议价能力、产品及客户结构优化、以及新产品持续迭代的溢价，盈力水平有望稳中有升。潜在催化剂包括下游新能源汽车和储能需求超预期以及公司业绩超预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2593844018","isCrawlerRequest":true}

中金：首予宁德时代(03750)跑赢行业评级 目标价580港元

精彩评论

中金：首予宁德时代(03750)跑赢行业评级目标价580港元