金吾财讯 | 三一国际(00631)股价走弱，现报7.88元，跌7.62%，成交量7304万元。
消息面上，公司一季度业绩呈现增收不增利格局。财报数据显示，三一国际当期实现营收66.51亿元，同比增长13.2%；但归母净利润5.09亿元，同比下滑19.8%。盈利回落核心源于毛利率承压，一方面低毛利物流装备产品收入占比提升，拉低整体盈利水平；另一方面硅料、电芯等原材料涨价，压制新兴产业板块利润空间。
细分业务端隐患进一步拖累市场信心。数据显示，公司一季度太阳能业务销售额同比大跌74%，当期亏损1.2亿元。管理层预判，受微电网布局、海外项目前期投入拖累，全年相关业务亏损或将突破4亿元，亏损幅度超出市场此前预期。
针对公司业绩承压现状，里昂证券下调其盈利与估值预期。该行大幅调低三一国际2026年、2027年净利润预测，降幅分别达28%、19%，同时将目标价由16港元下调至12港元，依旧维持跑赢大市评级，并指出其成本管控、利润率表现不及预期，仅海外收入翻倍为少数亮点。
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