研報掘金丨海通證券:卧龍電驅成長空間廣闊,首予“優於大市”評級
海通證券研報指出,卧龍電驅(600580.SH)立足於電機,應用拓展至低空+機器人領域,成長空間廣闊。參考可比公司,給予公司2025年25-30倍PE,對應合理價值區間20.80-24.96元,首次覆蓋,給予公司“優於大市”評級。公司主營電機及控制,下游應用廣泛。公司深耕電機及控制裝置,廣泛佈局了工業電機、日用電機、電動交通等領域的產品。2024年前三季度公司營收121.9億元,同比+1.1%;歸母淨利潤6.4億元,同比-30.9%,毛利率為25.5%,同比-0.5pct。認為公司主業有望受益於設備更新,保持穩健發展。低空經濟發展前景光明,公司前瞻佈局航空電機,成長空間廣闊。
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