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速騰聚創(02498.HK)半日跌4.5% 遭美銀證券及瑞銀下調目標價 評級維持「買入」
速騰聚創(02498.HK)今日(28日)低開3.55%,最低見30.36元。中午收報30.7元,跌4.48%,成交522.26萬股,涉資1.62億元。速騰聚創(02498.HK)公布截至今年3月底止首季業績,營業額4.59億元人民幣(下同),按年升39.9%。虧損收窄至6,422.4萬元,上年同期蝕9,959.3萬元。期內,整體毛利率由2025年第一季度的...
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速騰聚創(02498.HK)半日跌4.5% 遭美銀證券及瑞銀下調目標價 評級維持「買入」
Recommend
9
Positive
9
Negative
5
 
 

速騰聚創(02498.HK)  +0.880 (+2.861%)    Short selling $9.23M; Ratio 3.010%   今日(28日)低開3.55%,最低見30.36元。中午收報30.7元,跌4.48%,成交522.26萬股,涉資1.62億元。

速騰聚創(02498.HK)  +0.880 (+2.861%)    Short selling $9.23M; Ratio 3.010%   公布截至今年3月底止首季業績,營業額4.59億元人民幣(下同),按年升39.9%。虧損收窄至6,422.4萬元,上年同期蝕9,959.3萬元。期內,整體毛利率由2025年第一季度的23.5%輕微回落至21.7%,主要由於新一代EMX激光雷達產品處於量產初期,製造費用較高。
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美銀證券發表報告指,速騰聚創(02498.HK)  +0.880 (+2.861%)    Short selling $9.23M; Ratio 3.010%   今年首季收入錄得4.59億元人民幣(下同),按年增長40%,按季則下跌39%。期內總激光雷達(LiDAR)出貨量按年增長204%至33萬台。今年首季平均售價按年下跌52%、按季下跌13%至1,336元,主要受到割草機器人出貨量增加,以及基於EMX的ADAS激光雷達佔比上升拖累。今年首季毛利率為21.7%,按年下降1.8個百分點,按季下降6.7個百分點,主要受外購EMX產品的SPAD晶片、ADAS激光雷達產能利用率較低、數字激光雷達生產線升級以及原材料成本上漲影響。今年首季淨虧損為6,400萬元,而2025年第四季錄得淨利潤1.06億元,2025年第一季淨虧損則為1億元。

該行續指,展望2026年,速騰聚創將ADAS激光雷達出貨量指引由先前的150萬至180萬台,下調至120萬至170萬台。毛利率方面,該公司預計2026年ADAS毛利率將低於20%,機械人毛利率為30%至40%,而隨著該公司逐步擴大自研SPAD SoC晶片的生產(可較外購晶片降低50%成本),毛利率有望在2026年末和2027年迎來拐點。

美銀證券表示,考慮到今年首季業績,將2026、2027及2028各年度的出貨量預測均下調2%,並將2026、2027及2028年的毛利率預測分別調低6個、3個及1.9個百分點。該行預計速騰聚創2026年將錄得1.88億元的淨虧損(先前預測為淨利潤5,400萬元),並分別削減2027及2028年的盈利預測84%及34%。該行重申其「買入」評級,因喜好其擴展至新ADAS客戶,以及來自Robotaxi和機械人的新增長驅動,但將目標價由42港元下調至38港元。
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瑞銀發表研究報告指,速騰聚創(02498.HK)  +0.880 (+2.861%)    Short selling $9.23M; Ratio 3.010%   在首季的激光雷達(LiDAR)出貨量保持強勁增長勢頭,總出貨量按年增長204%至33.03萬台。其中,高級駕駛輔助系統(ADAS)激光雷達出貨量按年增長49.7%至14.48萬台;機器人激光雷達出貨量則由2025年第一季的1.19萬台,大幅飆升至2026年第一季的18.55萬台,主要受到ADAS激光雷達滲透率上升及機器人激光雷達多種應用場景(尤其是智能割草機)湧現所帶動。機器人激光雷達出貨量更首次超越ADAS激光雷達出貨量。然而,受到產品組合變更導致綜合平均零售價下滑拖累,該公司首季營業收入按年僅增長39.9%至4.59億元人民幣。

該行指出,速騰聚創首季綜合平均零售價按年下跌逾50%,主因智能割草機激光雷達及E1盲區激光雷達的出貨量急劇增加,而其價格顯著低於該公司的旗艦級ADAS激光雷達。此外,由於在新一代EMX激光雷達初期量產階段產生了較高的製造固定開支,首季毛利率由2025年首季的23.5%降至21.7%。速騰聚創首季錄得淨虧損6,400萬元人民幣,非國際財務報告準則(Non-IFRS)淨虧損則為4,500萬元人民幣。管理層預計,在新規劃訂單放量、自研晶片成本優化以及產能利用率提升的支持下,2026年下半年的平均零售價跌幅將有所放緩,毛利率亦將逐步改善。

瑞銀表示,基於速騰聚創第一季的業績表現,將該公司2026至2028年各年度的盈利預測下調2%至4%,並相應將其基於現金流折現模型計算的目標價由45.8港元下調至45港元,維持「買入」評級。(ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-29 16:25.)

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