---
title: "《大行》里昂升寧德時代目標價至 685 元  利潤率持續擴張"
description: "里昂報告指出，寧德時代在 2025 年第三季度實現盈利同比增長 41%，環比增長 12%，毛利率提升至 25.8%。因此，里昂將其 H 股目標價上調至 685 港元，A 股目標價升至 500 元人民幣，並重申對 H 股的「跑贏大市」評級。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/261975984.md"
published_at: "2025-10-21T03:56:32.000Z"
---

# 《大行》里昂升寧德時代目標價至 685 元  利潤率持續擴張

> 里昂報告指出，寧德時代在 2025 年第三季度實現盈利同比增長 41%，環比增長 12%，毛利率提升至 25.8%。因此，里昂將其 H 股目標價上調至 685 港元，A 股目標價升至 500 元人民幣，並重申對 H 股的「跑贏大市」評級。

里昂報告指，寧德時代 (03750.HK) 再創亮眼季度表現，2025 年第三季度盈利按年增長 41%，按季增長 12%，符合市場上修後的預期。毛利率按季再擴張 0.2 個百分點至 25.8%，緩解市場對該季度鋰成本飆升帶來利潤率壓力的擔憂。

里昂將寧德時代 H 股目標價從 670 港元，上調至 685 港元；寧德時代 (300750.SZ) A 股目標價由 490 元人民幣升至 500 元人民幣，並重申對寧德時代 H 股「跑贏大市」評級，A 股評級則為「高度確信跑贏大市」。

### Related Stocks

- [03750.HK - 寧德時代](https://longbridge.com/zh-HK/quote/03750.HK.md)
- [300750.CN - 寧德時代](https://longbridge.com/zh-HK/quote/300750.CN.md)

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