转自：智通财经 【宁德时代H股跌超6% 基石投资者限售股今日解禁】智通财经11月20日电，截至发稿，宁德时代 (03750.HK)跌6.56%。消息面上，宁德时代近50%的H股IPO基石投资者锁定股份于11月20日解禁，合共 大约7750万股。里昂研报称，对宁德时代的前景感到乐观，并预期目前的能源储存系统热潮将可持续至 明年。 ...

消息面上，宁德时代近50%的H股IPO基石投资者锁定股份于11月20日解禁，合共大约7750万股。里昂 研报称，对宁德时代的前景感到乐观，并预期目前的能源储存系统热潮将可持续至明年。该行认为，宁 德时代相较其他电池企业属被低估，且其IPO禁售期即将结束，一旦其股价回调，届时将逢低买入。小 摩近期则将宁德时代H股目标价由600港元下调至575港元，即使考虑到H股较A股有约10%的估值溢价， 较最新收盘价亦只有6%上涨空间，评级"中性"。 智通财经APP获悉，宁德时代(03750)逆势跌超6%，截至发稿，跌6.25%，报480港元，成交额19.5亿港 元。 ...

里昂发布研报称，重申宁德时代（300750）(03750)H股"跑赢大市"评级及目标价685港元，并维持宁德 时代(300750.SZ)A股"高确信跑赢大市"评级和目标价500元人民币。该行表示，对宁德时代的前景感到 乐观，并预期目前的能源储存系统热潮将可持续至明年。该行认为，宁德时代相较其他电池企业属被低 估，且其IPO禁售期即将结束，一旦其股价回调，届时将逢低买入。 ...

里昂发表研究报告指，重申宁德时代H股"跑赢大市"评级及目标价685港元，并维持A股"高确信跑赢大 市"评级和目标价500元。该行表示，对宁德时代的前景感到乐观，并预期目前的能源储存系统热潮将可 持续至明年。该行认为，宁德时代相较其他电池企业属被低估，且其IPO禁售期即将结束，若股价回 调，将逢低买入。 ...

Core Viewpoint - UBS significantly raised the target price for CATL's Hong Kong stock from HKD 495 to HKD 640, citing electric heavy trucks and energy storage systems as key growth drivers for the company [1][4]. Group 1: Growth Drivers - The normalization of lithium prices and the decline in battery costs have made battery applications more economically viable, opening up key markets [4]. - Improvements in battery swap infrastructure for electric heavy trucks are making them more popular, while the demand for energy storage is being driven by traditional renewable energy installations and a new surge in demand from AI data centers [4][5]. - UBS has increased its profit forecasts for CATL by 7% and 11% for 2025 and 2026, respectively, expecting battery sales to reach 638 GWh and 790 GWh in those years [4]. Group 2: Profitability and Sales Expansion - Future profit growth for CATL is expected to rely more on sales expansion rather than an increase in unit profit margins, with a net profit margin of 17.8% and a stable unit profit of RMB 112 per kWh as of Q3 2025 [5][6]. - The company’s growth engine will be driven by actual shipment volumes rather than cost compression [5]. Group 3: Market Share and Storage Demand - Investors are advised to closely monitor CATL's market share in the domestic electric vehicle market, which has decreased by 3 percentage points this year due to capacity constraints and the rise of budget electric vehicles [7]. - Despite potential challenges from a 25% tariff on storage products planned by the U.S. in 2026, CATL is expected to remain largely unaffected due to strong demand from AI data centers and its competitive position in storage products [7]. Group 4: Valuation Logic - UBS has revised CATL's valuation method, increasing the price-to-earnings ratio from 26x to 30x, aligning it with the average valuation levels of other tech leaders like BYD, LG Energy, Xiaomi, TSMC, and Tencent [9]. - This new benchmark reflects CATL's global technological leadership and the anticipated growth in the European market following the launch of its Hungarian factory in early 2026 [9].