《大行》汇丰研究下调力劲科技(00558.HK)评级至“减持” 市场对人型机器人贡献过于乐观

阿斯达克财经
Aug 28

汇丰环球研究指,力劲科技(00558.HK) 股价本月以来累升98%,公司宣布就开发人型机器人镁金属压铸方案缔结策略性伙伴。该行认为市场对人型机器人收益贡献预期过于乐观,且汽车客户对铝压铸机与塑料“啤机”需求仍然淡静。
该行预期2026至27财年镁金属压铸方案贡献有限,基于人型机器人仍在探索不同硬件设计及材料,因此短期内不太可能进入量产阶段,且相关人工智能需更多训练以实现大规模应用。该行料今明两年全球人型机器人交付分别1.6万及3.1万个,且有下行风险,基于外媒报道特期拉上月叫停人型机器人生产,以解决部分设计挑战,特期拉原定目标为今年交付5,000个。

该行又指,力劲科技并非唯一可生产镁金属压铸机器的公司,其他对手包括海天智胜及伊之密(300415.SZ) 。传统业务方面,力劲铝压铸机现财年应继续受压,基于渗透率增长放缓,塑料“啤机”亦面对高基数影响,且受到关税不确定性的影响。
该行料力劲科技2026财年每股盈利仅增长5%,对公司目标价由3元上调至3.7元,评级由“持有”降至“减持”。(fc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-27 16:25。) (A股报价延迟最少十五分钟。)

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