大行评级|瑞银:上调通用航空航天目标价至321美元 重申“买入”评级

格隆汇
Jul 21, 2025

瑞银发表研究报告指,通用航空航天(GE Aerospace)同时具备三大核心优势,包括强劲的终端市场需求、稳固的市场领导地位以及卓越的执行力,该行继续看好其表现将超过市场预期,并认为在盈利复合增长率达20%下,股价长期仍有上涨空间,重申“买入”评级,目标价由300美元上调至321美元,并将2025至29年EBITDA预测上调至101亿、115亿、134亿、148亿及161亿美元。 报告指,公司分别上调2025年至28年的财务指引,料产品价格有低单位数升幅,CFM56引擎退役率为3至4%,CES服务利润率持平;该行认为指引仍反映公司一贯保守作风。而市场原先预期2028年EBIT指引将会被上调至115亿美元,加上股价年初至今已升近60%,导致现时股价出现负面反应。该行认为股份或需要到第三季才能消化现有的高估值,预期到时公司将再次上调2025年指引,并加强市场对2028年业绩好过预期的信心。

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