研報掘金丨東吳證券:科達利機器人業務後續可期,維持“買入”評級
東吳證券研報指出,科達利預吿25H1歸母淨利潤7.5-8.2億元,同比+16%~27%;其中Q2歸母淨利3.6~4.3億元,同比增7%~27%,環比-6%~+12%,中值為4億元,同環比增17%/3%。盈利端,Q2扣非淨利率接近11%,較Q1環降1pct,主要系公司補交增值税影響,若加回,經營性淨利率維持12%左右,仍維持較二線的盈利優勢。我們預計後續降價空間較小,且公司一方面規模化效應降本,另一方面24年歐洲基地仍小幅虧損,25-26年隨着歐洲新車型推出,我們預計增長提速,實現扭虧,且25Q3馬來基地投產,可貢獻利潤增量,整體利潤率可維持。給予25年25xPE,對應目標價165元,考慮公司經營優勢維持,且機器人業務後續可期,維持“買入”評級。
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