金吾财讯 | 招银国际研报指，在英恒科技(01760)发布业绩后该行已与管理层交流。虽然公司在新能源/智驾网联/车身系统（同比增长24%/27%/11%）推动下实现了收入15%的同比稳健增长；但由于OEM价格战，2024年GPM降至14.5%（2023年为18.7%）。展望2025年，管理层对收入前景和GPM强劲持正面看法，尤其是新能源和智驾网联业务将受益于新能源汽车、智能驾驶和客户海外扩张趋势。
该行将FY25/26E每股收益下调了33%/32%，考虑到GPM下降和收入增加因素。该行的新目标价为2.34港元，基于2025年9.0倍市盈率（与此前FY2410xPE相比），与低于8年历史平均PE一个标准差基本一致。短期股价催化剂包括项目赢取和利润率复苏。维持买入评级。
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