《大行報告》大摩下調時代電氣(03898.HK)目標價至45元 評級「增持」
摩根士丹利發表報告表示,時代電氣(03898.HK)去年第四季業績符合預期,不過毛利率拖低盈利能力,該行將對其2022年至2023年淨利潤預測下調22%-23%,並將目標價下調37%,由72元降至45元,以考慮到2021年業績和更高的股票風險溢價,監於公司在高壓市場的技術優勢和新能源汽車滲透率的重大進展,長期看好公司的IGBT(絕緣柵雙極晶體管)業務,維持「增持」評級。
大摩認爲,2021年是內地鐵路投資和設備採購的底部,料將從今年下半年開始改善,在新能源汽車電力驅動系統的IGBT產能提升和市場份額增加的支持下,新興設備領域的強勁表現將得以持續。
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