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寧德時代(3750.HK)

Thursday, August 6, 2026 Views125

寧德時代(3750.HK)


集團簡介與核心業務架構

寧德時代作為全球新能源產業的領頭羊,在當前的市場環境中展現出極強的韌性與擴張力。

這家成立於中國福建寧德的企業,如今已經連續多年穩坐全球動力電池裝車量以及儲能電池出貨量的雙料冠軍。它的核心競爭力在於為全球知名汽車品牌如特斯拉、寶馬及大眾等提供先進的鋰離子電池解決方案,同時也在大型電網和數據中心儲能領域佔據了絕對的主導地位。

 

從二零二六年的最新財務表現來看,寧德時代在今年上半年交出了一份規模高速增長的成績單。公司在上半年的營業收入突破了二千七百億元人民幣,按年同比增長超過百分之五十四。與此同時,歸屬於母公司的淨利潤也達到了四百三十二億元人民幣,實現了超過百分之四十一的穩健增長。雖然在汽車製造商壓價以及原材料價格波動的影響下,第二季度的毛利率和利潤率出現了輕微的邊際收縮,但其經營現金流依然高達六百億元以上。為了展現對自身業務的信心以及回饋股東,公司不僅大幅提升了中期分紅,更宣佈了高達兩百億至四百億元人民幣的股份回購計劃。

 

在市場份額方面,寧德時代在二零二六年的龍頭優勢依然無可撼動。今年前五個月,該公司在全球動力電池市場的佔有率已經突破了百分之四十,尤其是在海外市場的份額更是逆勢上升至將近百分之三十四。在中國本土市場,其國內乘用車裝車量的市佔率也高達百分之四十六點七,其中在高端三元鋰電池市場更是拿下了超過四分之三的市場份額。伴隨着公司總產能正式突破一千吉瓦時,其產能利用率在今年上半年依舊維持在百分之九十五左右的極高水平,這表明全球市場對其產品的需求依然十分強勁。

 

展望未來,寧德時代正在積極佈局多個全新的增長點以維持長期競爭力。在技術創新方面,全新鈉離子電池品牌在今年迈入規模化應用,憑藉著優異的超快充與極限低溫性能主攻商用重卡及換電市場。在時代發展的浪潮下,公司緊密捕捉全球人工智能爆發的機遇,推出超大容量儲能方案來滿足 AI 數據中心對高穩定性電能的剛性需求,這已被視為對沖電動車增速放緩的第二增長曲線。針對備受關注的固態電池技術,管理層在二零二六夏季達沃斯論壇上保持理性,強調全固態電池全面商業化仍需時間,而公司正穩步領跑研發。此外,公司亦大力推進充換一體站的建設,計劃在今年底前於國內實現大規模的城市與高鐵網絡覆蓋,主打極速換電體驗,為未來的智能補能生態奠定堅實基礎。

 

投資建議

建議買入: $630 建議沽出: $830 建議止蝕: $576

 

註:本人李樂雯為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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