金吾财讯 | 申万宏源发研报指，敏实集团(00425)是零部件全球百强企业之一，全球汽车外饰小件隐形冠军。该行指，公司成长逻辑显著，电池盒业务近期迎来业绩兑现，同时智能外饰业务作为下一阶段增长点，可期待远期放量。另外，公司目前盈利能力和财务指标均改善，伴随重资产投资降速，公司有望迎来财务指标的修复和估值提升的预期。该行预计公司2024-2026年主营收入分别为238.1亿/282.5亿/343.2亿，加上其他营业收入，总营业收入为239.1亿/283.5亿/344.2亿，同比增速16.0%/18.6%/21.5%；24-26年毛利率分别为27.4%/27.4%/27.1%；归母净利润22.5/26.8/31.7亿元，同比增速18.3%/18.9%/18.3%；对应当前（2024/12/06）PE为6.5/5.4/4.6倍。参考可比公司，给予2024年10倍PE，对应市值225.1亿元，相较于当前（2024/12/06）有55%上涨空间，首次覆盖给予“买入”评级。
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