研報掘金丨東興證券:首予美格智能“推薦”評級,通信模組+解決方案雙輪驅動
東興證券研報指出,美格智能堅持模組和解決方案兩條腿走路的產品策略。在定製化方面,公司已經在智能網聯車、FWA、IoT等核心行業建立先發優勢,並向具身智能機器人、智能無人機、消費類物聯網、機器視覺、AI醫療等新興行業拓展。當前全球正處於人工智能浪潮之中,智能網聯車成爲端側AI重要應用場景。認爲公司在智能網聯車通信模組領域具有領先地位,成爲公司重要收入增長點。預計公司2025-2027年營業收入分別爲37.86、45.59、54.05億元,歸母淨利潤分別爲2.29、3.04、3.93億元,對應PE分別爲52X、39X、30X。首次覆蓋給予“推薦”評級。
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