大行评级丨小摩：下调三花智控AH股目标价，重申“增持”评级

格隆汇09-09

摩根大通发表研报，更新三花智控模型预测，认为市场对其新业务的可见性及产能提升过度悲观。该行指出，全球暖化及人工智能带动的液冷散热需求，加上机器人业务正从技术验证过渡至商业化，将成为公司未来数年的结构性增长动力，重申对其“增持”评级，H股目标价由42港元下调至38港元，A股目标价由60元下调至51元。该行预测，三花智控明年盈利将录得约25%增长，2026至28年间盈利年均复合增长率料约20%。

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