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摩根士丹利稱，ADT第一季獲利超預期，主要得益於利潤率強勁，儘管用戶成長乏力。

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-- 摩根士丹利週四發布的一份報告顯示，ADT（ADT）第一季獲利超出預期，主要得益於高於預期的利潤率和自由現金流，但營收和用戶成長依然疲軟。 摩根士丹利指出，調整後的自由現金流年增超過80%，達到4.01億美元，超出預期50%；調整後的EBITDA也超出預期，利潤率提升了60個基點。報告稱，部分成長“部分受時機影響”，預計這種情況將在今年稍後逆轉。 報告也指出，營收成長0.9%，與預期相符，但新增用戶數量疲軟和用戶流失率居高不下繼續對業績構成壓力。 ADT提供家庭安防監控和智慧家庭服務。 摩根士丹利表示，加速用戶成長仍是該公司重新估值的關鍵。報告指出，ADT Blu DIY 服務將於 5 月在 ADT 官網推出，夏季登陸各大電商平台，預計將透過吸引更多注重成本的客戶，為公司帶來利多。但報告也指出，DIY 通路的長期經濟效益仍「存在不確定性」。 摩根士丹利將 ADT 2026 年調整後每股收益預期上調 2%，並預計第二季度盈利和自由現金流將環比下降，原因是 DIY 服務推廣帶來的營銷成本增加。不過，報告稱，儘管面臨行業逆風，ADT 穩定的經常性收入和不斷改善的現金流狀況仍為其估值提供了「支撐」。 摩根士丹利將 ADT 股票的目標價從 7 美元上調至 7.50 美元，並維持「持有」評級。

Price: $7.56, Change: $+0.02, Percent Change: +0.33%

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