美银下调三花智控A股评级至跑输大盘，首次覆盖H股同样跑输大盘

财闻02-28

美银证券在2月26日发布研报，将三花智控（002050）（002050.SZ）A股评级从买入下调至跑输大盘，同时机构首次覆盖三花智控（2050.HK）H股给出的评级同样是跑输大盘。　　美银证券指出，三花智控当前估值过高，核心业务增长即将进入常态化阶段，叠加全材料成本上涨带来的压力，让公司的投资性价比大幅降低。　　美银证券认为，三花智控的核心业务将在2026年进入常态化增长阶段，原材料成本上升正在...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2614897717?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-28 14:03","share_image_url":"https://static.laohu8.com/f0343184bd9b9c963ed02b302442e2b8","id":"2614897717","market":"sg","top_or_hot":-1,"title":"美银下调三花智控A股评级至跑输大盘，首次覆盖H股同样跑输大盘","media":"财闻","content":"<div>\n<p>美银证券在2月26日发布研报，将三花智控（002050）（002050.SZ）A股评级从买入下调至跑输大盘，同时机构首次覆盖三花智控（2050.HK）H股给出的评级同样是跑输大盘。　　美银证券指出，三花智控当前估值过高，核心业务增长即将进入常态化阶段，叠加全材料成本上涨带来的压力，让公司的投资性价比大幅降低。　　美银证券认为，三花智控的核心业务将在2026年进入常态化增长阶段，原材料成本上升正在...</p>\n\n<a href=\"http://stock.10jqka.com.cn/20260228/c674987382.shtml\">网页链接</a>\n\n</div>\n","source":"tonghuashun","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美银下调三花智控A股评级至跑输大盘，首次覆盖H股同样跑输大盘</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美银下调三花智控A股评级至跑输大盘，首次覆盖H股同样跑输大盘\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-28 14:03 北京时间&nbsp;&nbsp;&nbsp;<a href=http://stock.10jqka.com.cn/20260228/c674987382.shtml><strong>财闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美银证券在2月26日发布研报，将三花智控（002050）（002050.SZ）A股评级从买入下调至跑输大盘，同时机构首次覆盖三花智控（2050.HK）H股给出的评级同样是跑输大盘。　　美银证券指出，三花智控当前估值过高，核心业务增长即将进入常态化阶段，叠加全材料成本上涨带来的压力，让公司的投资性价比大幅降低。　　美银证券认为，三花智控的核心业务将在2026年进入常态化增长阶段，原材料成本上升正在...</p>\n\n<a href=\"http://stock.10jqka.com.cn/20260228/c674987382.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"159982","symbol_name":"中证500","start_time":0,"source_url":"http://stock.10jqka.com.cn/20260228/c674987382.shtml","article_id":"2614897717","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2614897717","pubTimestamp":1772258580,"columns":[{"name":"A股","id":33,"label_key":"policyRegulatory"}],"sourceInfo":{"source_id":"tonghuashun","name":"同花顺"},"weMediaInfo":null,"summary":"美银证券在2月26日发布研报，将三花智控（002050.SZ）A股评级从买入下调至跑输大盘，同时机构首次覆盖三花智控（2050.HK）H股给出的评级同样是跑输大盘。美银证券指出，三花智控当前估值过 ...","collect":0,"end_time":0,"defaultTopTitle":"10jqka.com.cn","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"159982":"中证500","399300":"沪深300","002050":"三花智控"},"translate_title":"Bank of America downgraded Sanhua Intelligent Control's A-share rating to underperform the market, covering H-shares for the first time and also underperforming the market","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159982":1.5,"399300":1.5,"002050":1.5},"content_text":"美银证券在2月26日发布研报，将三花智控（002050）（002050.SZ）A股评级从买入下调至跑输大盘，同时机构首次覆盖三花智控（2050.HK）H股给出的评级同样是跑输大盘。　　美银证券指出，三花智控当前估值过高，核心业务增长即将进入常态化阶段，叠加全材料成本上涨带来的压力，让公司的投资性价比大幅降低。　　美银证券认为，三花智控的核心业务将在2026年进入常态化增长阶段，原材料成本上升正在挤压公司的利润空间。尽管人形机器人和液冷业务具备长期成长潜力，但目前的估值已经充分透支了未来的增长预期。基于分拆估值法，美银证券给予三花智控H股37港元的目标价，A股则将基于55%的溢价给出53元人民币的目标价，维持对两地股票的跑输大盘评级。　　美银证券指出，过去两年三花的汽车零部件业务受特斯拉（TSLA.US）销量疲软拖累，但公司的客户结构正在持续优化，小米、小鹏、吉利、领跑和大众等新客户的贡献逐步提升。美银证券预计，三花的汽车零部件业务未来几年的营收复合增长率将回落至15%至20%，相较于2019年至2023年超过55%的复合增速增长明显放缓。　　此外，全材料成本上涨导致利润率面临压力，原材料占三花智控营业成本的70%以上，其中同和铝是核心的原材料，年初至今同价同比上涨42%，铝价同比上涨19%。制冷业务由于运营历史较长，已经建立了完善的成本传导机制，能够有效抵御消同价波动的影响。但汽车零部件业务直到2024年签署的新订单才开始纳入有效的成本传导条款，因此，铝价上涨将对汽车零部件业务的利润率构成压力。美银证券的全球大宗产品团队近期上调了2026至2027年的同和铝价格预测，意味着2026年下半年至2027年，三花将面临更大的利润率，压力大。　　同时，美银证券发现，供应链面临的压力不仅来自金属成本，锂电池和存储芯片等原材料价格上涨，以及智能驾驶系统对芯片和传感器的需求提升，都在增加主机场的成本负担。2026年，整个供应链的经营环境将更为严峻。 \n关注同花顺财经（ths518），获取更多机会","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2614897717","isCrawlerRequest":true}