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瑞銀投行研究部:中國電池提價在所難免
瑞銀表示,去年底以來,電池材料價格大幅上漲,據該行估算,這導致電池每千瓦時成本上漲了約120至140元人民幣,但電池製造商一直在自己吸收這種成本漲幅,該狀況至少在中國持續至今。瑞銀投資銀行研究部中國汽車行業主管鞏旻認為,動力電池需求持續超越原材料成本漲幅,令電池提價變得不可避免,這仍有利於上游供應商,不利於下游電動車製造商。選股建議方面,鞏旻說,仍相當更看好電池製造商和上游供應商,原因是上游較為集中,而下游較為分散。 鞏旻指出,今年至今為止電池價格與去年相比持平,說明材料價格漲幅被電池製造商以效率提升和利潤率萎縮吸收,除了鋼、鋁及銅等價格上漲外,電池提價恐令電動車製造商進一步承壓,尤其是大眾市場品牌。對純電動車製造商的影響應該尤其明顯。他說,提價對於電池製造商及其供應商而言是短期減負因素,材料股方面,供需日漸收緊的子板塊(隔膜、負極和電解液)提價的概率可能更高。
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