金吾财讯 | 花旗发表报告指，禾赛(HSAI)去年第四季业绩符预期，但股价下跌，因市场关注今年首季收入指引、第二季AD雷达需求复苏可见度、平均售价竞争及成本上升等因素。该行维持集团今明两年出货量预测各368万及579万台，但下调AD雷达平均售价假设，以反映潜在竞争及产品组合转变(加入较便宜的盲区激光雷达)；但上调了禾赛毛利率、营业利润率预测。以预测今年市盈增长率1.2倍不变计作为估值基础，花旗将禾赛美股目标价从38.1美元降至33美元，基于2026至2028年净利润复合年均增长率为44%，评级“买入”。花旗又将集团今明两年营收预测调降28%至31%至各46.6亿元及65.4亿元人民币；将毛利率预测调高1.9至3.9个百分点至39.2%、38.9%。因此，将今明两年净利预测调降32%至33%，至各6.84亿及9.85亿元人民币。
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