车企都在给它打工，你_老虎社区_美港股上老虎 - 老虎社区

点赞
评论
收藏

奶奶的个熊
10-22

车企都在给它打工，你看几个车企愿意，要么组联盟研发电池，要么自个儿鼓捣电池。目的简单去宁德化

宁德时代“单位利润率下降”是新常态吗？大摩：是的，市场利润预期将大幅下修

宁德时代三季度净利润212亿元，同比增长15%，却较大摩预期低12%，单位净利润率从0.10元/瓦时骤降至0.08元/瓦时。产品结构恶化叠加消费税新增15亿成本，储能市场价格战压缩质量溢价。大摩警告市场共识盈利预期面临实质性下修，但仍对其维持增持评级。

宁德时代“单位利润率下降”是新常态吗？大摩：是的，市场利润预期将大幅下修

# 华尔街见闻

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

点赞

举报

评论

推荐
最新

empty

暂无评论

热议股票

{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":621002144522600,"tweetId":"621002144522600","gmtCreate":1792637528129,"gmtModify":1792637530585,"author":{"id":4227200626931962,"idStr":"4227200626931962","authorId":4227200626931962,"authorIdStr":"4227200626931962","name":"奶奶的个熊","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[{"themeId":"5025dc3c20f14808adebf26909c9e535","categoryId":"2929bb7468f5415f853fd96fb35d7c3b","name":"华尔街见闻","type":2,"rnLink":"https://laohu8.com/RN?name=RNTheme&page=/theme/special/finance&rndata={\"themeId\":5025dc3c20f14808adebf26909c9e535}&rnconfig={\"headerBarHidden\": true}","description":"紧盯全球金融市场，覆盖股市、外汇、债券、大宗商品等。","image":"https://static.tigerbbs.com/38b2d7b10c53afe188a3eead61d9c3e4"}],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>车企都在给它打工，你看几个车企愿意，要么组联盟研发电池，要么自个儿鼓捣电池。目的简单去宁德化</p></body></html>","htmlText":"<html><head></head><body><p>车企都在给它打工，你看几个车企愿意，要么组联盟研发电池，要么自个儿鼓捣电池。目的简单去宁德化</p></body></html>","text":"车企都在给它打工，你看几个车企愿意，要么组联盟研发电池，要么自个儿鼓捣电池。目的简单去宁德化","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/621002144522600","repostId":2677843669,"repostType":2,"repost":{"id":"2677843669","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1792635599,"share":"https://www.laohunote.com/m/news/2677843669?lang=zh_CN&edition=full","pubTime":"2026-10-22 10:19","market":"fut","language":"zh","title":"宁德时代“单位利润率下降”是新常态吗？大摩：是的，市场利润预期将大幅下修","url":"https://stock-news.laohu8.com/highlight/detail?id=2677843669","media":"华尔街见闻","summary":"宁德时代三季度净利润212亿元，同比增长15%，却较大摩预期低12%，单位净利润率从0.10元/瓦时骤降至0.08元/瓦时。产品结构恶化叠加消费税新增15亿成本，储能市场价格战压缩质量溢价。大摩警告市场共识盈利预期面临实质性下修，但仍对其维持增持评级。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/300750\">宁德时代</a>三季度业绩低于预期，单位利润率骤降引发市场对其盈利能力的深层质疑。摩根士丹利认为，这一压缩趋势难以快速逆转，市场共识盈利预期面临大幅下修压力。</p>\n<p>据追风交易台，摩根士丹利最新研究报告指出，<a href=\"https://laohu8.com/S/03750\">宁德时代</a>三季度净利润为212亿元人民币，同比增长15%，<strong>但较摩根士丹利自身预测低12%。核心压力来自单位净利润率从上半年的0.10元/瓦时骤降至0.08元/瓦时，降幅显著。</strong>摩根士丹利分析师Jack Lu和Kaylee Xu在报告中直言，预计市场共识盈利预测将在此次业绩公布后出现有实质意义的下修。</p>\n<p>当前市场争论的焦点在于：0.08元/瓦时是否已成为新常态，抑或单位盈利能力能随产品结构改善而回升至上半年水平<strong>。该行倾向于认为，利润率将从低谷有所修复，但修复幅度将越来越取决于产品组合变化及储能市场的竞争烈度。</strong></p>\n<h2>三季度业绩：产品结构拖累利润率</h2>\n<p>宁德时代管理层将三季度利润率下滑归因于两方面：一是产品结构不利，低利润率产品贡献占比上升；二是增值税退税减少叠加9月起实施的2%国内消费税，合计较二季度新增约15亿元人民币的成本负担。</p>\n<p>从具体财务数据来看，三季度电池销量超过260吉瓦时，毛利润同比增长27%至342亿元人民币，但毛利率环比下降2.5个百分点至20.7%。收入增长与利润率收窄并存，反映出规模扩张与盈利质量之间的结构性张力。</p>\n<h2>储能市场竞争加剧，质量溢价承压</h2>\n<p>摩根士丹利认为，宁德时代的品质溢价整体仍然存在，<strong>但储能市场（ESS）新兴价格竞争正对单位利润率构成压制。</strong>报告指出，国内储能市场对产品质量要求相对宽松，削弱了宁德时代将其质量优势转化为定价能力的空间。</p>\n<p>在税负压力方面，摩根士丹利判断，若增量税负无法向下游客户转嫁，将逐步由持续推进的成本削减来消化，从而在一定程度上形成自然对冲。但这一过程需要时间，短期内难以完全抵消利润率压缩的影响。</p>\n<h2>大摩维持增持，但下调盈利预期</h2>\n<p>尽管业绩承压，摩根士丹利维持对宁德时代A股的增持评级及500元人民币目标价，该股截至报告发布时报259.08元人民币，目标价较现价隐含约93%的上行空间。</p>\n<p>估值方面，摩根士丹利采用EV/EBITDA方法，对2027年预测EBITDA给予13倍估值倍数，对应2027年预测市盈率约20倍，较过去三年均值高出0.5个标准差，以反映公司新产品周期的潜在催化。摩根士丹利预测宁德时代2026年净利润为950.88亿元人民币，2027年进一步升至1119亿元人民币。</p>\n</body></html>","collect":0,"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>宁德时代“单位利润率下降”是新常态吗？大摩：是的，市场利润预期将大幅下修</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宁德时代“单位利润率下降”是新常态吗？大摩：是的，市场利润预期将大幅下修\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-10-22 10:19</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/300750\">宁德时代</a>三季度业绩低于预期，单位利润率骤降引发市场对其盈利能力的深层质疑。摩根士丹利认为，这一压缩趋势难以快速逆转，市场共识盈利预期面临大幅下修压力。</p>\n<p>据追风交易台，摩根士丹利最新研究报告指出，<a href=\"https://laohu8.com/S/03750\">宁德时代</a>三季度净利润为212亿元人民币，同比增长15%，<strong>但较摩根士丹利自身预测低12%。核心压力来自单位净利润率从上半年的0.10元/瓦时骤降至0.08元/瓦时，降幅显著。</strong>摩根士丹利分析师Jack Lu和Kaylee Xu在报告中直言，预计市场共识盈利预测将在此次业绩公布后出现有实质意义的下修。</p>\n<p>当前市场争论的焦点在于：0.08元/瓦时是否已成为新常态，抑或单位盈利能力能随产品结构改善而回升至上半年水平<strong>。该行倾向于认为，利润率将从低谷有所修复，但修复幅度将越来越取决于产品组合变化及储能市场的竞争烈度。</strong></p>\n<h2>三季度业绩：产品结构拖累利润率</h2>\n<p>宁德时代管理层将三季度利润率下滑归因于两方面：一是产品结构不利，低利润率产品贡献占比上升；二是增值税退税减少叠加9月起实施的2%国内消费税，合计较二季度新增约15亿元人民币的成本负担。</p>\n<p>从具体财务数据来看，三季度电池销量超过260吉瓦时，毛利润同比增长27%至342亿元人民币，但毛利率环比下降2.5个百分点至20.7%。收入增长与利润率收窄并存，反映出规模扩张与盈利质量之间的结构性张力。</p>\n<h2>储能市场竞争加剧，质量溢价承压</h2>\n<p>摩根士丹利认为，宁德时代的品质溢价整体仍然存在，<strong>但储能市场（ESS）新兴价格竞争正对单位利润率构成压制。</strong>报告指出，国内储能市场对产品质量要求相对宽松，削弱了宁德时代将其质量优势转化为定价能力的空间。</p>\n<p>在税负压力方面，摩根士丹利判断，若增量税负无法向下游客户转嫁，将逐步由持续推进的成本削减来消化，从而在一定程度上形成自然对冲。但这一过程需要时间，短期内难以完全抵消利润率压缩的影响。</p>\n<h2>大摩维持增持，但下调盈利预期</h2>\n<p>尽管业绩承压，摩根士丹利维持对宁德时代A股的增持评级及500元人民币目标价，该股截至报告发布时报259.08元人民币，目标价较现价隐含约93%的上行空间。</p>\n<p>估值方面，摩根士丹利采用EV/EBITDA方法，对2027年预测EBITDA给予13倍估值倍数，对应2027年预测市盈率约20倍，较过去三年均值高出0.5个标准差，以反映公司新产品周期的潜在催化。摩根士丹利预测宁德时代2026年净利润为950.88亿元人民币，2027年进一步升至1119亿元人民币。</p>\n</body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6c2cc8fbb144e7e3eb550454298f5e97","relate_stocks":{"300750":"宁德时代","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU1979443071.USD":"AB CHINA A SHARES EQUITY PORTFOLIO \"AD\" (USDHDG) INC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (USD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU1146622755.USD":"安本中国A股股票基金A 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","LU0823414478.USD":"法巴经典能源转换基金","LU0048580855.USD":"富达大中华区A","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU1119993845.HKD":"FIDELITY ASIA PACIFIC DIVIDEND \"A\" (HKDHDG) INC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0302445910.USD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" ACC","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU1580142542.USD":"Blackrock Systematic China A-Share Opportunities A2 USD","IE00B8HQ1Z84.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"A\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1720050803.USD":"安联全方位中国股票基金","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU2153592121.USD":"Aberdeen Standard SICAV I - Emerging Markets Sustainable Development Equity A Acc USD","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU2153591404.USD":"Aberdeen Standard SICAV I - Asian Sustainable Development Equity A Acc USD","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","BK0224":"电气机械","HK0000151867.HKD":"JPMORGAN ASIA EQUITY DIVIDEND (HKD) INC","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","LU2294711473.HKD":"BNP PARIBAS CHINA EQUITY \"C\" (HKD) ACC","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU2298064838.USD":"NINETY ONE GSF GLOBAL ENVIRONMENT \"A\" (USD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","LU0877626530.USD":"FIDELITY ASIA PACIFIC DIVIDEND \"A\" (USD) INC MONTHLY (G)","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","LU1206782309.USD":"未来资产中国增长股票 “A” 类（美元）累积型","SG9999001846.SGD":"Schroder Asian Equity Yield A Dis SGD","LU2506952337.HKD":"BNP PARIBAS CLIMATE IMPACT \"CRH\" (HKDHDG) ACC","LU0823437842.USD":"PARVEST GREEN TIGERS \"C\" (USD) INC","LU2238339852.HKD":"NINETY ONE GSF GLOBAL ENVIRONMENT \"A\" (HKD) ACC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU2580892862.HKD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (HKD) ACC","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","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU1820825898.SGD":"Aberdeen Standard SICAV I - China A Share Equity A Acc SGD-H","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU2289578879.USD":"ALLIANZ CHINA A OPPORTUNITIES \"AT\" (USD) ACC","LU1861214812.USD":"Blackrock Future of Transport A2 USD","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU2394011477.USD":"JPMORGAN CLIMATE CHANGE SOLUTIONS \"A\" (USD) ACC","LU0072462343.USD":"贝莱德亚洲巨龙基金","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0594300419.USD":"富达中国消费基金A","LU2328871848.SGD":"Eastspring Investments - China A Shares Growth AS SGD","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU0261950470.USD":"FIDELITY EMERGING MARKETS \"A\" ACC","LU1997245177.USD":"安联神洲A股基金","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU1861219969.SGD":"Blackrock Future of Transport A2 SGD-H","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU1039395188.USD":"BNP PARIBAS GREEN TIGERS \"C\" (USD) ACC","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","LU0505663152.USD":"abrdn SICAV I - FUTURE MINERALS \"A\" (USD) ACC","LU0192582467.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" (USD) INC MF","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU0823413587.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) ACC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU2275660780.HKD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" (HKD) ACC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","03750":"宁德时代","LU2041044095.USD":"Blackrock Circular Economy A2 USD","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0124384867.USD":"贝莱德新能源基金A2","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU2125910849.SGD":"Natixis WCM Global Emerging Markets Equity R/A SGD","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU1939255532.USD":"NINETY ONE GSF GLOBAL ENVIRONMENT \"A\" (USD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","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","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","SG9999001689.USD":"施罗德亚洲成长股票","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","IE00B8L5B284.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"B\" (USD) INC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU1997244956.HKD":"ALLIANZ CHINA A-SHARES \"AT\" (HKD) ACC A","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","SGXZ81163826.USD":"UNITED CHINA A-SHARES INNOVATION \"A\" (USD) ACC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","SGXZ49509284.SGD":"United China A Shares Innovation A Acc SGD","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","LU0259732245.USD":"EASTSPRING INVESTMENTS DRAGON PEACOCK A","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU1934453819.USD":"AB CHINA A SHARES EQUITY PORTFOLIO \"A\" (USD) ACC","LU1655091459.SGD":"JPM ASIA PACIFIC INCOME \"A\" (SGD) INC A","LU2213484517.USD":"FRANKLIN TEMPLETON CHINA A-SHARES \"A\" (USD) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","HK0000181112.HKD":"DA CHENG CHINA BALANCED \"A\" (HKD) INC","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","LU0210527791.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) ACC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU0117844026.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC","LU0228659784.USD":"施罗德金砖四国基金","LIT":"Global X Lithium & Battery Tech ETF","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","LU2360108059.USD":"BGF CIRCULAR ECONOMY \"A4\" (USD) INC","LU0048388663.USD":"SCHRODER ISF ASIAN OPPORTUNITIES \"A\" (USD) INC AV","HK0000181138.USD":"DA CHENG CHINA BALANCED \"A\" (USD) INC","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU1721428347.USD":"BNP PARIBAS CLIMATE IMPACT \"C\" (USD) ACC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0048575426.USD":"FIDELITY EMERGING MARKETS \"A\" INC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU2506952410.USD":"BNP PARIBAS CLIMATE IMPACT \"CRH\" (USDHDG) ACC A","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU0205439572.USD":"富达亚太股息基金","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (SGD) ACC","LU1255011170.USD":"JPM CHINA A-SHARE OPPORTUNITIES \"A\" (USD) ACC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU2506951792.HKD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (HKDHDG)       ACC","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU2298322129.HKD":"BGF SUSTAINABLE ENERGY \"A2\" (HKDHDG) ACC","LU2506952253.HKD":"BNP PARIBAS GREEN TIGERS \"CRH\" (HKD) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY  \"A\" (USD) ACC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","EVS.SI":"MSCI China Electric Vehicles and Future Mobility ETF-NikkoAM","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU1969619763.USD":"EASTSPRING INV CHINA A SHARES GROWTH \"A\" (USD) ACC","LU2495084118.USD":"ALLIANZ CHINA A-SHARES \"ATH\" (USDHDG) ACC","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","IE0003851619.USD":"BNY MELLON ASIAN EQUITY \"B\" (USD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU2348773727.SGD":"Aberdeen Standard SICAV I - Asian Sustainable Development Equity A Acc SGD-H","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2424517915.HKD":"abrdn SICAV I -  ASIAN SDG EQUITY \"A\" (HKD) ACC","LU0823426308.USD":"法巴中国股票基金","LU0823426480.USD":"法巴中国股票经典Dis","LU0188438112.USD":"SCHRODER ISF ASIAN EQUITY YIELD \"A\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","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","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","IE0003795394.USD":"BNY MELLON ASIAN EQUITY \"A\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","IE0008368742.USD":"首域中国增长基金I Acc","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2580892789.USD":"FRANKLIN SEALAND CHINA A-SHARES \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU2298321311.HKD":"BGF CIRCULAR ECONOMY \"A\" (HKDHDG) ACC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU2477742899.HKD":"BNP PARIBAS CLIMATE IMPACT \"C\" (HKD) ACC","LU0405327148.USD":"ALLSPRING CHINA A FOCUS \"A\" (USD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","CXSE":"WisdomTree China ex-State-Owned Enterprises Fund","LU2360107325.USD":"BGF FUTURE OF TRANSPORT \"A4\" (USD) INC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU2092937221.SGD":"Blackrock Circular Economy A2 SGD-H","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","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","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU0724618433.USD":"BGF NEW ENERGY \"A4\" (USD) INC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC"},"source_url":"https://wallstreetcn.com/articles/3784167","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2677843669","content_text":"宁德时代三季度业绩低于预期，单位利润率骤降引发市场对其盈利能力的深层质疑。摩根士丹利认为，这一压缩趋势难以快速逆转，市场共识盈利预期面临大幅下修压力。\n据追风交易台，摩根士丹利最新研究报告指出，宁德时代三季度净利润为212亿元人民币，同比增长15%，但较摩根士丹利自身预测低12%。核心压力来自单位净利润率从上半年的0.10元/瓦时骤降至0.08元/瓦时，降幅显著。摩根士丹利分析师Jack Lu和Kaylee Xu在报告中直言，预计市场共识盈利预测将在此次业绩公布后出现有实质意义的下修。\n当前市场争论的焦点在于：0.08元/瓦时是否已成为新常态，抑或单位盈利能力能随产品结构改善而回升至上半年水平。该行倾向于认为，利润率将从低谷有所修复，但修复幅度将越来越取决于产品组合变化及储能市场的竞争烈度。\n三季度业绩：产品结构拖累利润率\n宁德时代管理层将三季度利润率下滑归因于两方面：一是产品结构不利，低利润率产品贡献占比上升；二是增值税退税减少叠加9月起实施的2%国内消费税，合计较二季度新增约15亿元人民币的成本负担。\n从具体财务数据来看，三季度电池销量超过260吉瓦时，毛利润同比增长27%至342亿元人民币，但毛利率环比下降2.5个百分点至20.7%。收入增长与利润率收窄并存，反映出规模扩张与盈利质量之间的结构性张力。\n储能市场竞争加剧，质量溢价承压\n摩根士丹利认为，宁德时代的品质溢价整体仍然存在，但储能市场（ESS）新兴价格竞争正对单位利润率构成压制。报告指出，国内储能市场对产品质量要求相对宽松，削弱了宁德时代将其质量优势转化为定价能力的空间。\n在税负压力方面，摩根士丹利判断，若增量税负无法向下游客户转嫁，将逐步由持续推进的成本削减来消化，从而在一定程度上形成自然对冲。但这一过程需要时间，短期内难以完全抵消利润率压缩的影响。\n大摩维持增持，但下调盈利预期\n尽管业绩承压，摩根士丹利维持对宁德时代A股的增持评级及500元人民币目标价，该股截至报告发布时报259.08元人民币，目标价较现价隐含约93%的上行空间。\n估值方面，摩根士丹利采用EV/EBITDA方法，对2027年预测EBITDA给予13倍估值倍数，对应2027年预测市盈率约20倍，较过去三年均值高出0.5个标准差，以反映公司新产品周期的潜在催化。摩根士丹利预测宁德时代2026年净利润为950.88亿元人民币，2027年进一步升至1119亿元人民币。","news_type":1,"symbols_score_info":{"300750":1.97,"LIT":0.6,"03750":1.97,"CXSE":0.6,"EVS.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":126,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":88,"optionInvolvedFlag":false,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}