智通财经APP获悉，富瑞发布研报称，给予鹰普精密(01286)“买入”评级及目标价7.49港元。该行引述鹰普精密管理层预期，受惠于AIDC的强劲终端需求，以及更多天然气引擎产品将于2027年出货，大马力发动机业务收入有望在未来数年增长至约20亿港元。管理层亦提及其他额外增长动力，包括液冷产品，以及燃气轮机产品的发展潜力。
报告指，鹰普精密2025财年业绩符合预期，收入及纯利为50.95亿港元及7.26亿港元，同比增长8.7%及13%。毛利率由2024财年的27.1%轻微改善至2025财年的27.5%。据管理层所述，撇除墨西哥工厂的毛损，去年全年毛利率将达32.8%。受惠于全球AIDC市场快速扩张，大马力发动机业务收入持续强劲增长，同比上升43%至11.26亿港元，占总收入比重达22%。
该行注意到鹰普精密披露业绩后股价波动，可能与去年第四季大马力发动机业务收入增长放缓有关，管理层解释是由于客户在年底去库存所致。公司看到增长趋势已于今年1至2月恢复。鹰普精密指引2026年全年收入同比增长约15%。
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