《大行》星展降速騰聚創(02498.HK)目標價至45元 維持「買入」評級
星展研究報告指,速騰聚創(02498.HK)的競爭優勢包括與領先的原始設備製造商(OEM)、自動駕駛出租車、機械人領域參與者(如比亞迪(01211.HK)、小馬智行、Coco Robotics、Mammotion Technologies)的戰略合作夥伴關係;自主研發晶片和軟件,提供全面的客戶解決方案。截至目前,速騰聚創已獲得超過100款車型的設計訂單,並擁有超過2,800間機械人及其他領域的客戶。
該行表示,速騰聚創今年首季業績未達預期,激光雷達出貨量疲軟及先進駕駛輔助系統(ADAS)市場份額下降,導致整體表現低於預期9%。然而,受惠於較低的投入成本及高利潤的機械人激光雷達銷售,該行認為速騰聚創毛利率表現優於預期,達到23.5%,高於預期的22%。隨著ADAS競爭加劇,速騰聚創正轉型至機械人領域,於5月底與Mammotion簽訂120萬個激光雷達大單,成為該領域的領跑者。該行預計自今年次季起,速騰聚創在ADAS激光雷達量產、新OEM產品推出及機械人銷售的推動下,將恢復增長。
該行對速騰聚創維持「買入」評級,將目標價從60元下調至45元,並對其今明兩年的盈利預測各下調1%,反映對ADAS的謹慎展望,但被強勁的機械人激光雷達出貨量所抵銷。該行看好公司下半年業績復甦及額外的機器人訂單,將帶來股價上行空間,而機械人領域將成為公司下一個盈利增長的動力。
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