研報掘金丨中泰證券:予啓明星辰“增持”評級,經營效率持續提升
中泰證券研報指出,受宏觀環境影響,當前網絡安全行業下遊整體支出力度仍較爲低迷,但25Q1看到公司在收入端承壓的背景下,持續優化提升經營效率,有效實現降本增效,因此調整2025-2026年盈利預測,並新增2027年盈利預測。預測公司2025-2027年歸母淨利潤分別爲0.81/1.11/2.74億元(2025-2026年前預測值爲9.84/12.22億元)。公司雖短期業績承壓,但經營效率持續提升,同時隨着與中國移動協同深入,公司市場競爭力有望得以進一步鞏固與提升。不過考慮到當前公司估值水平短期較高,該行下調公司評級,給予公司“增持”評級。
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