智通财经APP获悉，敏实集团(00425)高开近15%，截至发稿，涨14.96%，报18.6港元，成交额636.12万港元。
中金发布研报称，回顾1H24公司经营表现，1H24国际市场/国内市场营业收入分别为65.6/45.3亿元，同比+18.6%/7.5%(口径调整)，国内外营收增速均优于对应地区行业销量增速。2H24以来特朗普政府对中国进口零部件加征关税引发市场担忧，公司在美国设有本土工厂，该行估算公司在美业务现地化生产比例达到70%，以2025年营业收入预算为基础，潜在关税营收敞口占比低于4%；参考汽车零部件供应链惯例，增量关税成本有望转移。据公司1H24半年报，公司根据需求调整投资节拍，1H24资本开支为10.93亿元，同比大幅下降，预计2H24现金流有望继续好转、逐步回归正常的分红水平。
该行续指，市场担忧欧洲市场电动化转型速度放缓，但结合1月实际产销数据、客户动态订单预测及欧洲本土产能部署需求来看，下游客户需求或优于市场年初的谨慎预期。中期维度看，公司金属及饰条业务营收或保持稳健，铝件、塑件、电池盒业务有望实现双位数以上的年化增速，叠加新业务增量贡献，该行认为未来3-5年公司有望维持年化20%的营收增速，利润规模有望随之增长。
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