瑞银发表报告，指敏实集团(00425.HK) 去年下半年毛利率按年升0.9个百分点，亦较上半年升0.8个百分点至29.3%，其中电池壳业务毛利率按年升1.2个百分点，较上半年升1.5个百分点至22.1%。该行认为主要受惠于收入扩张带来的规模经济改善，技术升级提升生产效率和产品良率，以及整体有利的成本环境。
报告引述管理层提及，公司进一步渗透中国电动车领先制造商供应链，包括理想、比亚迪、华为支持的鸿蒙智行品牌及小米。公司去年在比亚迪的无人机舱业务中取得突破，并从华为支持的鸿蒙智行品牌和吉利获得多种产品订单。该行预计敏实在中国客户组合多元化将持续产生成果。此外，公司在Stellantis、大众和雷诺交付电池壳订单可见度提高，提升欧洲工厂的产能利用率。
该行上调敏实目标价，由原先27.6元升至30.5元，维持“买入”评级。(fc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-25 16:25。)
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