该行维持对宁德时代的“买入”评级，目标价342元人民币。Jin Wu Financial News | According to Goldman Sachs Research Report, the chairman of Ningde Times (300750) revealed that the company is considering the possibility of building a factory in the US. If the Trump administration allows Chinese companies to invest in the US electric vehicle supply chain, Ningde Era is expected to increase its share of the battery market in the US. Goldman Sachs believes this move will help ease investors' concerns about geopolitical risks and may increase the company's valuation multiples.
The report mentioned that the Ningde Era currently has a small share of the US market, mainly by licensing battery technology to automobile manufacturers including Ford and Tesla. Goldman Sachs expects that if Ningde Era were to establish a battery factory in the US, its market share and battery shipments in the US would increase significantly. Additionally, Goldman Sachs also noted the close partnership between the Ningde Era and Tesla, as well as its leading position in the battery supply chain.
Analysts believe that production pipelines were strong during the Ningde era, and production is expected to be stronger than historical seasonal trends in December 2024 and January 2025. Goldman Sachs also stressed that the long-term growth prospects of the Ningde era are still optimistic, especially when the global battery materials market is at the bottom of the cycle.
The bank maintained a “buy” rating for the Ningde era, with a target price of RMB 342.
