《大行》中金升敏實(00425.HK)目標價升至30.5元 歐洲新能源增速帶動電池營收
中金發表研究報告指,今年首五個月歐洲新能源銷量逆勢高增,中國市場純電增速亦亮眼,有望帶動敏實集團(00425.HK)電池盒業務收入高增。根據乘聯會,今年上半年,中國乘用車產量及批發均實現雙位數增長,其中純電車型批發銷量按年增40.9%。
該行表示,因歐洲新能源增速超出該行年初預期,分別上調敏實2025年、2026年淨利潤7%、5%至29億、33.5億元。當前股價對應2025年、2026年預測市盈率的9.4倍、8倍,維持「跑贏行業」評級。此外,因公司業績彈性較大、新業務積極推進,中金上調敏實目標價11%至30.5元,分別對應2025年、2026年11.4倍、10倍市盈率,較當前股價有21%的上行空間。
該行認為,歐洲和中國是敏實集團電池盒業務的主要市場,敏實集團與歐洲新能源市場龍頭車企深度合作,中國市場純電車型銷量亦較為亮眼,公司今年上半年電池盒業務收入有望隨之實現高增。
中金表示,敏實集團去年毛利率28.9%,按年增1.5個百分點,預計在保持較高產能利用率、原材料價格相對穩定的情況下,今年毛利率有望保持在較高水平。中金也認為公司利潤彈性較大;現金流方面,公司資本開支高峰已過,2024年自由現金流按年大幅增長,恢復分紅,預計有望持續。
新業務方面,公司積極開拓人形機器人、低空飛行器、無線充電等新業務。公司今年3月公告與智元機器人在人形機器人領域取得合作,合作內容包括智能外飾及電子皮膚技術、人形機器人無線充電及關節總成開發、柔性智能製造解決方案等,積極推進客戶開拓情況下,中金預計有望迎來更多定點。
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