智通财经APP获悉，天能动力(00819)尾盘涨超3%，截至发稿，涨3.58%，报7.81港元，成交额3433.87万港元。
天风证券指出，随着两轮车以旧换新、新国标等逐步落地，2025年两轮车行业预计有望重回双位数增长，铅酸电池也受益于电动两轮车整体复苏。未来看，铅酸渗透率回升。两轮车电池安全性第一位，铅酸为最优选，被替换可能性较弱。此外，新国标限重放宽电池带电量有望略提升，中长期出海业务也将贡献新增量空间。
该行指出，天能铅酸动力电池一级整车市场与售后替换市场销售比例维持在1:3左右，约75%的产品直接面对终端消费者，因此铅酸电池不仅是中游制造环节，也具有消费品属性。公司与3000多家经销商紧密合作，终端门店超过40万家，建立广泛的分销和售后服务网络，完善高效的信息反馈机制。2021年起受到锂电业务影响ROE有所下降，后续锂电不再新增产能，重新聚焦铅酸业务，ROE有望回升。
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