《大行》大和降速騰聚創(02498.HK)目標價至62元 續籲「買入」
大和研究報告指,速騰聚創(02498.HK)今年首季先進駕駛輔助系統(ADAS)激光雷達的收入按年跌25.2%,當中交付量跌16.8%至9.67萬個,遜預期,但該行仍然有信心未來數季仍可追上全年交付量89.1萬個的目標。該行呼籲投資者要有耐性等待次季交付量恢復,屆時搭載集團ADAS激光雷達的新型號將開始增產。另外,首季機械式激光雷達收入按年升87%,交付量升1.83倍。該行料全年機械式激光雷達的訂單量及交付量將維持強勁勢頭。
該行重申予其「買入」評級,但將目標價由67元降至62元,2025至27年收入預測下調8%至12%,2026至27年淨利潤預測下調34%,因考慮到機械式激光雷達平均售價可能下降同時產量快速提升,但將2025全年機械式激光雷達的毛利率預測由32%升至50%,因首季好過預期的表現。
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