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《大行》富瑞首予英諾賽科(02577.HK)「買入」評級 目標價54.34元
阿思達克 08-06 15:54
富瑞研究報告指出,氮化鎵(GaN)是消費電子、電動車及新能源等領域中最有前景的電力半導體,而英諾賽科(02577.HK)是全球最大的氮化鎵IDM公司。該行首予英諾賽科「買入」評級,目標價54.34元。 該行提及,英諾賽科作為中國公司,具有很大優勢,因為中國是最大的潛在氮化鎵市場,而中國原始設備製造商(OEM)生產全球約55%的智能手機,其快速採用基於氮化鎵的快速充電技術,相信有助英諾賽科擴大規模,並認為中國將在電動車的氮化鎵採用中扮演關鍵角色。此外,英諾賽科計劃至2028年將產能提高六倍,可迅速降低成本並推動行業採用。 富瑞預測英諾賽科將於2025年下半年毛利率轉正(21%),2026年接近收支平衡,而2027年將實現正向現金流,淨利潤料達6.85億元人民幣。
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