研報掘金丨浙商證券:深天馬A盈利能力得到修復,維持“買入”評級
浙商證券研報指出,深天馬A(000050.SZ)24年歸母淨利潤爲-6.7億元,同比減虧68.13%。面板價格的修復、產品結構的優化以及持續降本驅動公司盈利能力逐漸改善。2024年由於武漢AMOLED產線折舊壓力加大,公司的固定資產折舊同比增加約9億元,在此背景下,公司的盈利能力依舊得到修復,歸母淨利潤和扣非歸母淨利潤同比均有顯著改善。未來,考慮到LTPS LCD產線的折舊陸續完成,公司BOM成本的持續降低,以及產品規格和結構的進一步優化,公司將揮別產線拖累,經營業績邁向修復上行。公司的車載業務快速發展,2024年營收同比增長超40%,公司在壁壘較高的車規顯示、儀表顯示出貨量全球第一,車載擡頭顯示首次登頂全球第一。維持“買入”評級。
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