金吾财讯 | 摩根士丹利发布的研究报告指出，力劲科技(00558)2025财年第一季度业绩未达预期，主要由于压铸机械业务的下滑。报告中提到，力劲科技2025财年第一季度营收为26亿港元，同比下降6%，环比下降16%，低于摩根士丹利和市场共识预期。其中，压铸机械业务收入同比下降19%，而PIMM和CNC中心业务分别同比增长30%和14%。毛利率达到29%，同比增长3个百分点，环比增长1个百分点，高于预期的27%。净利润为1.48亿港元，同比下降28%，环比下降47%，亦低于预期。报告分析认为，力劲科技的营收未达预期主要是由于压铸业务的恶化，而净利润受到研发成本上升（同比增长206%）和应收账款准备金增加的拖累。报告还指出，力劲科技的自由现金流为负1.668亿港元，同比下降195%，环比下降52%，2025财年第一季度的股息支付比率为28%，同比下降2个百分点。摩根士丹利认为，力劲科技的业绩下滑削弱了其投资论点，予其“与大市同步”评级，目标价3.90港元。
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