《大行》匯豐研究下調力勁科技(00558.HK)評級至「減持」 市場對人型機械人貢獻過於樂觀
匯豐環球研究指,力勁科技(00558.HK)股價本月以來累升98%,公司宣佈就開發人型機械人鎂金屬壓鑄方案締結策略性夥伴。該行認爲市場對人型機械人收益貢獻預期過於樂觀,且汽車客戶對鋁壓鑄機與塑料「啤機」需求仍然淡靜。
該行預期2026至27財年鎂金屬壓鑄方案貢獻有限,基於人型機械人仍在探索不同硬件設計及材料,因此短期內不太可能進入量產階段,且相關人工智能需更多訓練以實現大規模應用。該行料今明兩年全球人型機械人交付分別1.6萬及3.1萬個,且有下行風險,基於外媒報道特期拉上月叫停人型機械人生產,以解決部分設計挑戰,特期拉原定目標爲今年交付5,000個。
該行又指,力勁科技並非唯一可生產鎂金屬壓鑄機器的公司,其他對手包括海天智勝及伊之密(300415.SZ)。傳統業務方面,力勁鋁壓鑄機現財年應繼續受壓,基於滲透率增長放緩,塑料「啤機」亦面對高基數影響,且受到關稅不確定性的影響。
該行料力勁科技2026財年每股盈利僅增長5%,對公司目標價由3元上調至3.7元,評級由「持有」降至「減持」。
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