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《大行》美銀證券首予金力永磁(06680.HK)「買入」評級 目標價24元
美銀證券發表研究報告,首次覆蓋金力永磁(06680.HK)H股及A股,各予「買入」評級,H股目標價24港元,金力永磁(300748.SZ)A股目標價36元人民幣。該行看好公司在新能源重卡及人形機器人帶動下的市場擴張潛力、上游原材料供應穩定、客戶黏性高、市佔率快速增長,以及現時估值並不昂貴。該行指出,金力永磁作為全球領先的高性能釹鐵硼永磁材料生產商,透過與中國...
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《大行》美銀證券首予金力永磁(06680.HK)「買入」評級 目標價24元
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美銀證券發表研究報告,首次覆蓋金力永磁(06680.HK)  -0.360 (-1.869%)    Short selling $4.45M; Ratio 4.322%   H股及A股,各予「買入」評級,H股目標價24港元,金力永磁(300748.SZ)  -0.330 (-1.070%)   A股目標價36元人民幣。該行看好公司在新能源重卡及人形機器人帶動下的市場擴張潛力、上游原材料供應穩定、客戶黏性高、市佔率快速增長,以及現時估值並不昂貴。

該行指出,金力永磁作為全球領先的高性能釹鐵硼永磁材料生產商,透過與中國兩大稀土供應商簽訂長期合約,以低於現貨價約10%的價格鎖定原材料供應。高性能磁材行業技術門檻高、認證週期長,客戶一旦成為核准供應商,通常會簽訂長期合約並與下游夥伴共同開發產品。公司已與全球領先的電動車及人形機器人製造商建立長期合作關係。

美銀證券預測,全球高性能磁材需求於2025至2028年間的複合年增長率為9%。雖然新能源汽車銷量增長可能放緩,但單車磁材用量將因多電機配置而持續增加。新能源重型卡車受惠於政策支持,每輛用量約為一般電動車的三倍。人形機器人方面,該行工業團隊預測2030年及2035年全球出貨量將分別達120萬及1,000萬部,隨着自由度提升,每台機器人所需的致動器及磁材用量亦將增加。

該行預期金力永磁市佔率將由去年的19%升至2028年的25%,2026及2027年各年純利預測分別增長30%及44%。H股目標價基於現金流折現模型估值,加權平均資本成本8.5%、終端增長率4%,A股目標價則按73%的A/H溢價計算。該股H股現價對應2026至2027年預測市盈率約21倍,目標價對應預測市盈率約27倍,相對於人形機器人及電動車零部件同業的59倍及40倍,估值具吸引力。(ec/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-03-26 16:25.) (A Shares quote is delayed for at least 15 mins.)

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