《大行報告》瑞銀下調時代電氣(03898.HK)目標價至54.6元 評級「買入」
時代電氣(03898.HK)今年第一季純利3.41億元人民幣,按年增長31%。瑞銀髮表報告,認爲時代電氣首季盈利好過該行及市場預期,認爲疫情可能會在今年給鐵道機車車輛業務蒙上陰影,但可能會在未來幾年內恢復,此外功率半導體業務強勁勢頭將持續。該行將時代電氣2022至2024年的盈利預測下調了7%至13%,以反映機車車輛收入和毛利率預測下調。該行維持時代電氣「買入」評級,目標價由58.4元下調至54.6元。
瑞銀認爲,市場尚未完全反映其功率半導體業務的強勁需求前景,以及在芯片持續短缺的情況下,時代電氣的潛在市場份額擴張。
瑞銀將時代電氣2022至2024年新興業務的收入預測上調17%至27%,以反映IGBT增速及需求強於預期,另外,該行將2022至2024年機車車輛業務收入下調6%至11%,以反映客運量復甦慢於預期。
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