金吾财讯 | 广发证券发研指，敏实集团(00425)的外饰件业务受下游客户影响有所承压，电池盒业务下游客户新能源市占率提升带动公司业绩增长；毛利率短期受益于海外产能爬坡，长期受益于折旧摊销增速降低；费用率短期受海运费上涨而承压，长期看有进一步压缩的空间。该行指，随着汽车智能化、电动化的趋势，汽车外饰件单车价值量有所提升，推动外饰件市场规模持续提升，其外饰件业务有望凭借成熟工艺、专利门槛、垂直产业链等优势稳定增长。该行续指，需求端，欧洲电动化趋势不改，属地化建厂是大势所趋；供给端，公司战略布局全球产能，以电池盒为代表的业务有望凭借生产路线相对优势及成本低、工艺全、产能足、客系丰富等优势快速放量。该行表示，经历过去几年的行业巨大变迁以及公司自身的相应调整，展望未来，在内生增长、增量部件产能释放以及全球属地化趋势三重驱动下，有望迎来新一轮向上周期。而短期来看，公司经营状况持续向好将推动公司估值回归合理水平。预计2024-2026年EPS分别为1.99/2.52/3.42元/股，给予公司2024年12倍PE，对应合理价值为26.43港元/股，维持“买入”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.