研報掘金丨東吳證券:震裕科技Q2業績亮眼超預期,維持“買入”評級
東吳證券研報指出,震裕科技25Q2業績亮眼、超市場預期。公司預告25H1歸母淨利潤1.85-2.12億元,同比+40%~61%;其中Q2歸母淨利1.12~1.39億元,同比增42%~76%,環比增54%~91%,中值爲1.26億元,同環比增59%/72%。主業穩健增長、結構件盈利拐點已現。公司結構件業務25H1我們預計收入25億元+,同增40%+,全年預計收入40%+增長至60億元左右,且通過提高自動化率將淨利率提升至2-3%,貢獻1.5-2億元利潤,盈利拐點明確;鐵芯25年我們預計收入穩定在15億元左右,毛利率提升至20%,預計模具25H1收入2億+,毛利率維持50%+,25年模具預計營收維持同比增長,盈利水平穩定。此外,機器人客戶持續推進、遠期利潤彈性明顯。給予主業25年25XPE,機器人業務30年10XPE,對應目標價147元,維持“買入”評級。
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