金吾财讯 | 交银国际研报指，瑞浦兰钧(00666)2025年上半年收入94.9亿元（人民币，下同），同比+24.9%，主要得益于出货量大幅增长，期内公司共销售32.4GWh锂电池产品，同比增长100.2%。。2025年上半年公司锂电池板块毛利率同比提升5.9ppts至8.5%。研发费用率同比缩减12%，行政开支同比下降20.1%。期内公司净亏损同比下降85%至6532万元。该机构调整2025-27年收入预测0%-7%至229.5亿/272.7亿/328.1亿元，对应CAGR20%。在规模效应和精细化管理下，公司的盈利能力有望持续改善，因此该机构上调2025-27年毛利率2-4ppts，同步调整归母净利润，该机构预计2025年公司净亏损收窄至1.3亿元，并有望在2026年实现净利润2.8亿元。基于DCF模型，调升目标价15.46港元（原为14.25港元），对应1.1倍2026年市销率，维持买入评级。
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