-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：科慕公司第一季業績喜憂參半，銷售額為13.81億美元（年成長1%），低於預期2,000萬美元；調整後每股收益為0.05美元，超出預期0.09美元，但低於去年同期的0.13美元。由於融資成本上升及銷售、管理及行政費用增加，淨虧損從500萬美元擴大至2,900萬美元。業績反映出各業務板塊的顯著差異，TSS業務表現創歷史新高（年增22%至5.68億美元），抵銷了TT業務的疲軟（年減6%）和APM業務中斷（年減17%）的影響。管理層預計第二季銷售額將季增15%-20%，2026年全年年增3%-5%，調整後EBITDA為8億至9億美元。鑑於Opteon冷媒的廣泛應用以及汽車用氟利昂銷售強勁，我們對TSS的業績持樂觀態度，其調整後EBITDA利潤率達到33%。然而，我們仍擔憂TT的利潤率可能因亞洲低成本生產商的競爭壓力而壓縮至3%，以及APM因華盛頓工廠停產而面臨的營運挑戰。我們認為，在2026年底將淨槓桿率從4.9倍降至3.8倍以下的去槓桿化目標至關重要。
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