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寧德時代(03750.HK)連升六日再破頂 法巴降評級至「中性」 持續看好基本面但H/A股溢價過高
寧德時代(03750.HK)連升六個交易日續創新高,最高見794.5元,中午收報790元,升1.35%。成交196.3萬股,涉資15.4億元。法巴發表研究報告指,寧德時代H/A股溢價擴大至55%。雖然該行對公司的長期正面看法及預測維持不變,但從估值角度來看,其A股在隱含回報的上升空間方面更具吸引力。因此,該行將寧德時代H股的投資評級由「跑贏大市」下調至「中性...
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寧德時代(03750.HK)連升六日再破頂 法巴降評級至「中性」 持續看好基本面但H/A股溢價過高
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寧德時代(03750.HK)  -12.500 (-1.604%)    Short selling $670.08M; Ratio 43.525%   連升六個交易日續創新高,最高見794.5元,中午收報790元,升1.35%。成交196.3萬股,涉資15.4億元。

法巴發表研究報告指,寧德時代H/A股溢價擴大至55%。雖然該行對公司的長期正面看法及預測維持不變,但從估值角度來看,其A股在隱含回報的上升空間方面更具吸引力。因此,該行將寧德時代H股的投資評級由「跑贏大市」下調至「中性」,同時重申對寧德時代(300750.SH)A股的「跑贏大市」評級。

該行指出,自2025年5月H股上市以來,寧德時代一直享有H/A股溢價,截至今年6月2日收市,該溢價已從當初的雙位數百分比持續上升至55%。該行將H股的主要估值增值歸因於全球投資者對寧德時代及儲能系統(ESS)相關板塊的強烈興趣,且H股對許多人而言仍比A股更便利投資;加上H股的公眾持股量遠少於A股,可能放大了H股的漲勢。然而,即使考慮到這些因素,該行認為55%的H/A股溢價依然過高,可能限制了H股的相對上升空間,並認為穩定在20%至30%的H/A股溢價才算合理。

法巴維持寧德時代的盈利預測不變,基於現金流折現(DCF)計算,寧德時代H股的目標價維持在800港元,寧德時代A股的目標價亦維持在580元人民幣。 (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-03 12:25.) (A Shares quote is delayed for at least 15 mins.)

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