金吾财讯 | 摩根士丹利研报指，预计时代天使(06699)2025年上半年中国收入减2%，海外收入则增逾50%。2025年全年计，料整体收入同比增19%，经调整纯利同比持平或出现单位数下跌。该行将2026年及2027年每股盈测分别下调9%及5%，以反映大摩对中国市场的定价假设较为保守，及竞争加剧等因素。新案例定价变动反映于损益表的隐含定价存在时滞。因此，基于DCF估值，下调目标价12%，由74港元降至65港元。维持“与大市同步”评级。
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