智通财经APP获悉，招银国际发布研报称，敏实集团(00425)今年的收入同比增长13%至262亿元人民币，毛利率略微下滑至28.6%，销管研费用率同比收窄0.7个百分点，净利润同比增长17%至27亿元人民币。该行维持公司“买入”评级，将目标价由21港元上调至26港元。
该行指，敏实去年下半年收入低于该行预测，主要受到中国内地的日系品牌业务拖累，但毛利率高于该行预测，主要受益于电池盒和金属及饰条业务毛利率的提升。经营利润和净利润均符合该行预期，自由现金流从2023年的1.3亿元人民币增长至去年的13.6亿元人民币。敏实披露去年电池盒业务净利率达到13.8%，自由现金流1.4亿元人民币，并贡献32%的集团净利润，已充分说明即使在去年欧洲电动车销量出现下滑的情况下，其电池盒业务已经进入收获期。该行预计电池盒的利润率今年有望在资本支出下降的情况下继续提升。同时，包括密封件、副车架和智能集成外饰在内的新产品或有助敏实在2026至2027年的收入增长，而人形机器人以及eVTOL的零件或从2028年开始贡献可观的收入。
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