【券商聚焦】加拿大皇家银行资本首予博格华纳(BWA)“跑赢大盘”评级 指市场低估其传统业务基础

金吾财讯
Sep 01

金吾财讯 | 知名投行加拿大皇家银行资本市场新近发布研报,首次覆盖博格华纳(BWA)并给予“跑赢大盘”看涨评级,目标价设定为87美元。RBC Capital分析师汤姆·纳拉扬在研究报告中指出,博格华纳拥有被市场严重低估的强大传统业务基础,同时在跨界科技领域开辟了新的业绩增长曲线。该机构指,博格华纳在涡轮增压器、废气再循环(EGR)系统、正时系统及分动箱四大领域均高居全球市场份额第一。其“涡轮增压器与热力技术”以及“传动系统与莫尔斯系统”两大业务部门的息税前利润率分别高达15%和18%左右,远超传统一级供应商(Tier1)的行业平均水平。目前博格华纳在北美及全球市场的涡轮增压器渗透率仅为52%,仍低于欧洲和中国水平。随着各大车企重新聚焦内燃机与混合动力平台的燃油效率,其产品装配率有望持续提升。除了传统汽车业务与在华本土车企业务的亮眼表现外,博格华纳开发的涡轮发电机系统正为其打入AI数据中心电力与能源基础设施领域开辟出极具吸引力的全新增量空间。此前,博格华纳已将2026全年调整后每股收益(EPS)预期定为5.05美元至5.30美元,并宣布将股票回购授权额度进一步提升至13.5亿美元。RBCCapital认为,稳健的现金流、高行业壁垒以及AI基础设施领域的跨界潜力,将共同推动公司迎来估值重塑。

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