智通财经APP获悉，摩根大通发布研报称，耐世特(01316)2025财年业绩公布后昨日(25日)股价下跌，虽然收入及EBITDA利润率大致符市场预期，但纯利逊预期，公司去年派息率由2024年的35%提高至45%。管理层在业绩会议上对2026年展望持建设性观点，预期收入增长将较市场高出200至300个基点，利润率持续扩张。小摩将耐世特的目标价由6.5港元下调至6港元，维持“中性”评级。
该行指出，耐世特的线控转向(SbW)产品已获得两家中国领先新能源车企的订单，中国生产线将于2026年上半年投产。同时，公司将于2026年投资首条电子机械制动(EMB)生产线，预期下半年可获得首个订单，其价值溢价为传统制动系统的2倍至3倍。虽然管理层预期线控转向及电子机械制动的财务贡献短期财务贡献有限，但预计到2030年随着应用加速，将出现显著的盈利转折点。
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