下游车企加速“去宁德化”？宁德时代连日下挫创阶段新低较高位回调超35%
<div class="txtinfos" id="ContentBody" style="margin-top:0;"><!-- EM_StockImg_Start --><p style="text-align:center;"><atarget="_blank" href="http://quote.eastmoney.com/sz300750.html" data-code="300750|0|2" data-code2="300750|0|80|" class="EmImageRemark" target="_blank"><img src="https://webquoteklinepic.eastmoney.com/GetPic.aspx?nid=0.300750&imageType=k&token=28dfeb41d35cc81d84b4664d7c23c49f&at=1" border="0" alt="K图 300750_0" data-code="K 300750|0|2" data-code2="K 300750|0|80|" style="border:#d1d1d1 1px solid;" width="578" height="276" /></a></p><!-- EM_StockImg_End --><!-- EM_StockImg_Start --><p style="text-align:center;"><atarget="_blank" href="http://quote.eastmoney.com/unify/r/116.03750" data-code="03750|116|5" data-code2="03750|116|3|" class="EmImageRemark" target="_blank"><img src="https://webquoteklinepic.eastmoney.com/GetPic.aspx?nid=116.03750&imageType=k&token=28dfeb41d35cc81d84b4664d7c23c49f&at=1" border="0" alt="K图 03750_0" data-code="K 03750|116|5" data-code2="K 03750|116|3|" style="border:#d1d1d1 1px solid;" width="578" height="276" /></a></p><!-- EM_StockImg_End --><p> 9月16日，延续昨日跌势，<strong><span id="stock_0.300750"><atarget="_blank" href="http://quote.eastmoney.com/unify/r/0.300750" class="keytip" data-code="0,300750">宁德时代</a></span><span id="quote_0.300750"></span>（03750.HK）（300750.SZ）</strong>今日盘中再度走低。A股一度跌超4%至302.2元，创2025年9月以来新低，且较今年5月份高位(467.06元)回调35%；H股一度跌5%至490.2港元，股价创今年3月以来新低，且较今年6月份高位(792.548港元)回调38%。</p><p> 有分析指出，<span web="1"target="_blank" href="http://quote.eastmoney.com/unify/r/0.300750" class="em_stock_key_common" data-code="0,300750">宁德时代</span>的此轮下跌，核心原因在于下游车企加速“去宁德化”引发的订单流失担忧。尽管公司最新半年报的净利润仍录得超过40%的高增长，但资本市场已开始对其未来的行业支配力和估值逻辑进行重新定价。</p><p> 市场近期频频传出高端头部车企调整供应商名单的消息。有媒体称，<span id="stock_105.LI"><atarget="_blank" href="http://quote.eastmoney.com/unify/r/105.LI" class="keytip" data-code="105,LI">理想汽车</a></span><span id="quote_105.LI"></span>部分车型已转向<span id="stock_0.300207"><atarget="_blank" href="http://quote.eastmoney.com/unify/r/0.300207" class="keytip" data-code="0,300207">欣旺达</a></span><span id="quote_0.300207"></span>及自研<span id="bk_90.BK1033"><atarget="_blank" href="http://quote.eastmoney.com/unify/r/90.BK1033" class="keytip" data-code="90,BK1033">电池</a></span><span id="bkquote_90.BK1033"></span>路线；新上市的小米澎程N70和N90也未沿用SU7、YU7此前选择的<span web="1"target="_blank" href="http://quote.eastmoney.com/unify/r/0.300750" class="em_stock_key_common" data-code="0,300750">宁德时代</span><span web="1"target="_blank" href="http://quote.eastmoney.com/unify/r/90.BK1033" class="em_stock_key_common" data-code="90,BK1033">电池</span>，转而搭载小米龙甲<span web="1"target="_blank" href="http://quote.eastmoney.com/unify/r/90.BK1033" class="em_stock_key_common" data-code="90,BK1033">电池</span>系统，电芯由<strong><span id="Info.116.03931"><atarget="_blank" href="http://quote.eastmoney.com/unify/r/116.03931" class="keytip" data-code="116,03931">中创新航</a></span>（03931.HK）</strong>、<strong><span web="1"target="_blank" href="http://quote.eastmoney.com/unify/r/0.300207" class="em_stock_key_common" data-code="0,300207">欣旺达</span>（300207.SZ）</strong>供应。两家车企均通过引入<span web="1"target="_blank" href="http://quote.eastmoney.com/unify/r/116.03931" class="em_stock_key_common" data-code="116,03931">中创新航</span>、<span web="1"target="_blank" href="http://quote.eastmoney.com/unify/r/0.300207" class="em_stock_key_common" data-code="0,300207">欣旺达</span>以及共研或自产模式，分流部分<span id="Info.116.03750"><atarget="_blank" href="http://quote.eastmoney.com/unify/r/116.03750" class="keytip" data-code="116,03750">宁德时代</a></span>份额。市场担忧，下游整车厂通过“自研电池+引入二线多供应商”的策略来削弱<span web="1"target="_blank" href="http://quote.eastmoney.com/unify/r/116.03750" class="em_stock_key_common" data-code="116,03750">宁德时代</span>的议价权。市场预期其国内高端市场份额将被蚕食，导致估值逻辑被迫从“高成长科技股”向“传统周期制造股”切换。</p><h3 class="emh3"> 东财图解·加点干货</h3><center><img src="https://np-newspic.dfcfw.com/download/D24936139377684260027_w1620h5266_o.jpg" width="520" emheight="1689" /></center><p style="text-align:center;"><atarget="_blank" href="https://acttg.eastmoney.com/pub/xxlout_khmbdfcfappnew_random_0007467a"><img src="https://518818.com/data/attachment/forum/202607/05/174131e9w9kkemt33kii22.jpg" class="em_handle_adv_close" /></a></p><p class="em_media">（文章来源：财闻）</p> <!-- 正文中部 内嵌广告 -->
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