中金:下调ARM目标价至125美元,下调2026财年收入及净利润预测

金融界
12 May
中金发表研究报告指,ARM 2025财年第四财季的业绩符合预期,当中收入同比升34%,Non-GAAP净利润升55%,每股盈利55美仙。期内,Non-GAAP经营溢利率为52.8%,略胜于该行预期。考虑到宏观环境变化对ARM下游客户需求的间接影响,中金下调集团2026财年收入预测2%至48.4亿美元,又降Non-GAAP净利润预测14%至19.6亿美元,以反映公司持续的营运开支投资。该行又预计,集团2027财年的收入将同比增19%至57.7亿美元,而Non-GAAP净利润则同比增24%至24.4亿美元。该行维持对其“中性”评级,目标价降7.4%至125美元。

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