发电业务估值超过了英伟达和GE Vernova!大摩:卡特彼勒被严重高估

华尔街见闻
Oct 31, 2025

大摩认为,卡特彼勒股价已被“完美定价”:公司仅占总销售额约12%的发电业务,正以一个比英伟达和GE Vernova还要昂贵的估值在交易,“市场要么支付了天价溢价购买发电业务,要么在利润率持续萎缩时将周期性业务重估至荒谬高位。”在卡特彼勒股价因超预期的Q3业绩而飙升至历史新高后,摩根士丹利发出警告:市场给予公司发电业务的估值倍数,已经远远超过了人工智能巨头英伟达和能源领军者GE Vernova。这种...

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