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《大行》瑞銀降濰柴動力(02338.HK)評級至中性 目標升至18.5元
瑞銀研究報告指,濰柴動力(02338.HK)股價年初至今已升50%,表現好過恆指,亦接近該行原先目標價。該行認爲現價已反映數據中心引擎需求爆發的正面展望,以及設備以舊換新補貼帶動的投資情緒改善。基於傳統引擎業務受電動卡車衝擊持續疲弱,下調2025至27年盈利預測2至5%,評級由「買入」下調至「中性」,而目標價則由18.2元升至18.5元。 該行指,受數據中心需求推動,公司的大缸徑發動機處於結構性增長階段,預期利潤將從2024年的8億元人民幣,增至2027年近30億元,意味三年複合增長率爲50%。但傳統業務增長受限,因電動卡車滲透率速度超出預期。因此,該行料公司整體2024至27年盈利年均複合增長率爲9%。
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