金吾财讯 | 耐世特(01316)早盘股价持续走低，截至发稿，报5.29港元，跌9.42%，成交额7452.09万港元。消息面上，德银发表研报指，耐世特2024财年净利润按年升68%，略低于市场预期。耐世特将利润率扩张归因于制造及材料成本表现的改善，以及2023年因一次性供应商中断事件导致的低基数。该行指，耐世特上财年财报主要的意外是研发开支高于预期，按年增长19.3%。公司于去年因项目取消录得4,690万美元的减值损失，其中包括1,400万美元的一次性研发费用，以及3,290万美元的销售成本。因此，耐世特2024财年的EBITDA利润率仅按年上升1个百分点至9.4%，低于管理层指引。考虑到低于预期的利润率，德银将耐世特2025财年的净利润预测下调9.2%，目标价由6.6港元下调至6.4港元，给予“买入”评级。
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