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《大行》花旗降時代電氣(03898.HK)評級至「中性」 憂宜興IGBT工廠盈利能力不佳
花旗研究報告指出,時代電氣(03898.HK)第二季度盈利按年增長14%,不僅低於中國中車(01766.HK)的31%按年增長,其淨利潤10.4億元人民幣亦較市場共識預期低4%。此外,儘管其功率半導體業務上半年收入按年增長19%,其淨利潤率從2024上半年的27.2%收縮9.1個百分點,至2025上半年的18.1%,主要由於宜興IGBT工廠處於量產初期虧損,管理層預計因初期量產及新能源汽車IGBT行業價格競爭加劇,該工廠2025年可能仍無法盈利。 因此,花旗將時代電氣評級從「買入」下調至「中性」,因擔憂IGBT盈利能力惡化可能限制股價進一步上行空間;然而,花旗基於SOTP估值將目標價從42港元上調至42.5港元,以反映其流通股數量減少。 花旗維持時代電氣2025、2026年預測基本不變,但因股份回購導致流通股數量減少,每股盈利預測分別上調2%、4%。
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