大行評級|中銀國際:上調耐世特目標價至5.3港元 關注短期基本面和盈利展望
中銀國際發佈研究報告指,耐世特爲中國領先整車新勢力開發的首個線控轉向項目將於2026年量產,但爲另外兩家全球汽車巨頭開發的線控項目量產時間已經推遲至2028年。即使線控比EPS系統均價及利潤率要高,但該行認爲,伴隨L3及以上級別自動駕駛技術的推進,線控產品的利潤釋放尚待時日。對於近期特朗普加徵關稅計劃,耐世特北美地區約40%至45%的收入來自墨西哥工廠會受到關稅上調的影響。中銀國際表示,展望2025年,預計中國市場將繼續引領耐世特收入增長,而北美和歐洲業務受整體需求疲軟和客戶結構影響可能繼續承壓。該行表示,考慮到北美和歐洲業務低於預期,將在2024至2026年收入預測下調1%至5%,並將各年淨利潤預測分別下調4%至15%,至分別6600萬美元、1.06億美元及1.31億美元。該行指,隨着3月業績期到來,投資者可能迴歸理性,關注短期基本面和盈利展望,將目標價由4.5港元上調至5.3港元,惟將其評級由“買入”降至“持有”。
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