【券商聚焦】招银国际维持敏实集团(00425)“买入”评级 指新业务或带来业绩弹性

金吾财讯
Aug 29

金吾财讯 | 招银国际研报指,敏实集团(00425)上半年实现收入人民币122.9亿元(同比增长11%)及净利润12.8亿元(同比增长20%),均符合该机构预期;毛利率同比微降0.2个百分点至28.3%,略低于预期,但销管研费用率同比收窄1.3个百分点,成本管控优于预期。该机构预期收入持续稳定增长,新业务或带来业绩弹性。认为当前运营指标更具战略意义——包括新承接业务增长、研发效率、资本开支控制与现金流改善在内的多项指标保持稳健,这印证了该机构此前的核心观点:相较于绝大多数竞争对手,敏实具备更突出的全球汽车零部件企业竞争优势。基于当前超2600亿元的在手订单,该机构预计公司FY26/FY27收入同比增速仍将维持在12%/13%(未计入机器人及eVTOL业务贡献)。公司在新兴领域的早期布局显著提升了获取可观回报的概率,且2021-2023年新业务扩张期间积累的资本投资经验,正推动当前业务拓展更趋高效理性。

该机构预计敏实FY25-27毛利率将保持稳定,净利润同比分别增长15%/15%/19%至人民币27亿/31亿/37亿元。维持“买入”评级并上调目标价至38港元,基于13x FY26E P/E(前值:26港元,基于10x FY25E P/E)。

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