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研报掘金丨东吴证券:宁德时代拟港股上市搭建海外融资平台,维持“买入”评级

Research Reports Gold Mining丨Soochow Securities: Contemporary Amperex Technology plans to list on the Hong Kong stock market to build an overseas financing platform, maintaining a "Buy" rating.

Gelonghui Finance ·  Dec 27, 2024 14:51

According to the Dongwu Securities Research Report, in order to further promote the company's global strategic layout, build an international capital operation platform, and enhance overall competitiveness, the company plans to issue H shares and apply for listing on the main board of the Hong Kong Stock Exchange. The company's current issuance ratio is small. We expect it to be no more than 5%. Based on the current market value and considering Hong Kong stock discounts, we expect the total issuance scale to be no more than 40 billion yuan, and the dilution effect is very low. At the same time, the company's valuation is low. EV/ebitda is expected to be 14x in '24, while LG Renewables is 26x, which will become a scarce global target for Hong Kong stocks in the new energy sector. Considering that the company is the global leader in power batteries, it was given 30x for 25 years, corresponding to a target price of 446 yuan, maintaining a “buy” rating.

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