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研報掘金丨東吳證券:三花智控Q2業績預吿超預期,維持“買入”評級
格隆匯 06-25 15:19

東吳證券研報指出,三花智控Q2業績預吿超預期,人形靜待量產節奏提速。因製冷空調業務受益市場需求增長,汽零業務通過標杆客户的示範效應持續拓展訂單,且公司降本增效顯著,公司Q2業績超市場預期。傳統制冷需求Q2超預期、疊加出口也有所貢獻,該行預計Q2板塊收入同增20-30%。美國關税緩和,且公司採用FOB定價+墨西哥生產模式,同時公司加快泰國工廠建設,足以對沖貿易風險。人形機器人量產節奏有短期擾動但不改Tier1地位、未來利潤彈性顯著。給予25年50xPE,對應目標價46元,維持“買入”評級。

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