瑞银:维持时代电气(03898)“买入”评级 目标价降至54.6港元
瑞银发布研究报告称,维持时代电气(03898)“买入”评级,2022-24年盈测调低7%至13%,以反映机车车辆收入和毛利率预测下调。但上调2022-24年新兴业务收入预测17%至27%,以反映IGBT增速及需求强于预期,另将2022-24年机车车辆业务收入下调6%至11%,以反映客运量复苏慢于预期,目标价由58.4港元下调至54.6港元。
报告中称,公司今年第一季纯利3.41亿元人民币,同比增长31%,首季盈利好过该行及市场预期,认为疫情可能会在今年给铁道机车车辆业务蒙上阴影,但可能会在未来几年内恢复,此外功率半导体业务强劲势头将持续。瑞银认为,市场尚未完全反映其功率半导体业务的强劲需求前景,以及在芯片持续短缺的情况下,时代电气的潜在市场份额扩张。
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