中金发布研报称，维持德昌电机控股（00179）2027财年盈利预期2.13亿美元，2028财年盈利预测2.25亿美元，对应市盈率分别为10.1/9.5倍。考虑机器人板块情绪回落，下调目标价23.46%至30.5港元，但考虑到SOFC、液冷及机器人等新业务放量，维持“跑赢行业”评级。
该行认为，德昌电机6月底止2027财年第一季业绩好于预期。营收9.36亿美元，同比增长2%，收入端表现略好于该行预期，主要因为国内汽车业务出现拐点以及汇兑收益（1，400万美元）带来的增量，剔除汇率后营收基本持平。
报告指，汽车主业表现平稳，亚太地区汽车业务迎来拐点。公司汽车业务第一季收入达到7.8亿美元，占比84%，同比增长2%，整体表现较为稳健，其中亚太/美洲地区同比升4%及2%，欧洲、中东及非洲同比降6%，亚洲地区中国自主品牌订单回暖。美洲方面，公司收入同比微增，主要因粉末金属部件及车身内饰销售放量。向前展望，该行认为整体板块表现有望延续持平微增态势。
责任编辑：卢昱君
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