Tiger Brokers

【券商聚焦】交银国际维持中创新航（03931）买入评级 指动力及储能业务增长好于此前预期

金吾财讯
Sep 01

金吾财讯 | 交银国际研报指，中创新航（03931）上半年收入/归母净利润同比增长65.0%/100.7%，利润增速明显快于收入。尽管毛利率同比下降0.8ppt至16.7%，但销售、行政及研发费用率合计同比下降约2.5ppts至8.0%，带动归母净利率同比提升0.6ppt至3.5%，规模效应进一步显现。分业务看，动力电池收入同比增长54.8%，储能系统产品及其他收入同比增长83.8%，收入占比提升至39.1%；海外收入同比增长262.9%，占比提升至4.4%，业务结构持续改善。经营现金流净流入28.64亿元，同比增加12.0%。考虑动力及储能业务增长好于此前预期，该机构上调2026—28年收入预测3%-14%至705.61/911.69/1,066.73亿元，并上调归母净利润预测3%-6%至26.33/38.16/47.3亿元。考虑出口退税补贴减少及消费税等政策变化，该机构下调中长期盈利预期，2027/28年归母净利率预测较此前分别下调0.2/0.3个百分点至4.2%/4.4%。基于DCF模型并将估值基准滚动至2027年，微调目标价至40.25港元。该机构仍看好公司动力及储能份额提升、海外客户持续突破及规模效应带来的盈利改善，维持买入评级。

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