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大行评级|美银:上调宁德时代目标价至475港元 小幅上调2025至27年盈测

Core Viewpoint - Bank of America reported that CATL's revenue for the second quarter was 94 billion yuan, representing an 8% year-on-year increase and an 11% quarter-on-quarter increase, driven by increased overseas sales and a rise in the euro against the yuan [1] Financial Performance - The company's gross margin exceeded expectations due to increased overseas sales, appreciation of the euro against the yuan, and more licensing income [1] - Net profit for the period grew by 34% year-on-year and 18% quarter-on-quarter, surpassing expectations [1] Earnings Forecast - Bank of America raised CATL's earnings estimates for 2025 to 2027 by 3%, 5%, and 7% respectively, primarily reflecting upward revisions in electric vehicle battery revenue forecasts and unit net profit predictions [1] Target Price Adjustment - The target price for CATL was increased from 400 HKD to 475 HKD, with a reiterated "buy" rating [1]