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研報掘金丨長江證券:維持星宇股份“買入”評級,看好新一輪盈利週期重啟
格隆匯 05-27 15:28

長江證券研報指出,星宇股份(601799.SH)在行業升級、格局優化與盈利回升三重賦能下,看好新一輪盈利週期重啟。從以下三個角度來看:1)長期成長性:車燈二次升級,行業空間擴大;出海歐洲,海外格局改善;2)短期成長性:公司客户轉型順利,隨着頭部自主客户放量,公司營收持續高增長;3)盈利能力:短期隨着產品結構改善、供應鏈整合降本、折舊攤銷佔比下降以及研發高峯期已過,整體盈利能力修復可期;長期來看,隨着市佔率將進一步提升,公司下游議價能力增強,盈利能力中樞增長。認為該輪增長是可持續的,公司復現2017-2020年將進入新一輪盈利提升週期。預計公司2025-2027年歸母淨利潤分別18.6、23.2、28.6億元,對應PE 分別為21.6X、17.2X、14.0X,維持“買入”評級。

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