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研報掘金丨東吳證券:維持思源電氣“買入”評級,目標價90.7元
格隆匯 07-14 13:51
東吳證券研報指出,思源電氣25H1歸母淨利潤12.93億元,同比+46%;其中Q2歸母淨利潤8.47億元,同比+62%,盈利能力大幅提升,業績大超市場預期。海外電力設備需求旺盛,折價銷售有望成為歷史。24年估計公司新籤海外訂單同增超80%,其中歐洲、中南美洲、中東等市場訂單實現翻倍以上增長,25M1-5海外訂單有望保持高速增長,持續兑現出海競爭力。隨着海外市場份額逐漸提升,公司盈利能力仍有較大提升的空間。除傳統主業外,公司儲能+超級電容業務發展較快,公司儲能電池業務出口歐洲市場,覆蓋德國、波蘭等10餘個歐洲國家,生產計劃已排至年底;超級電容業務從儲能和汽車電子向AIDC領域延伸,未來有望成為公司遠期發展新增量。公司業績超市場預期,海外優質訂單持續交付拉動業績高速增長,給予25年25xPE,對應目標價90.7元/股,維持“買入”評級。
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