-- 獨立研究機構CFRA向發布了以下研究報告。 CFRA分析師的觀點總結如下：我們將目標價從22美元下調至20倍的平均市銷率折讓57%，這反映了人工智慧投資帶來的利潤率壓力以及其二線市場地位。我們將2026年的每股盈餘預期從0.86元人民幣下調至0.33元人民幣，並首次將2027年的每股盈餘預期設定為1.00元人民幣。我們預計2026年和2027年的收入成長將放緩至每年20.5%-21%，這主要得益於車輛交付量的增加和新車型的推出，但日益激烈的競爭（比亞迪、吉利）導致的平均售價下降、產品組合稀釋以及補貼減少將對增長構成壓力。營運槓桿和規模效益的提升應能支撐我們預期的小幅利潤率成長，但成本通膨上升和人工智慧研發投入增加將限制利潤率的擴張潛力。儘管2025年第四季實現了創紀錄的21.3%毛利率和首次季度盈利，但鑑於投資上行週期和中國電動汽車市場競爭加劇導致利潤率疲軟，我們對2026年能否維持盈利仍持謹慎態度。
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Asia Markets
Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
The Tadawul All Share Index closed Sunday 0.11% higher as investors assessed the latest updates regarding the conflict in the Middle East.US President Donald Trump said on his Truth Social account that the Pakistani trip for his envoys, Steve Witkoff and Jared Kushner, was canceled. The announcement dimmed the hopes for peace talks between Iran and the US to happen any time soon.Further to this, Israel launched an attack in Lebanon on April 25. The strikes, which targeted Hezbollah, resulted in four casualties and facility damage in Southern Lebanon.Back at home, Rabigh Refining and Petrochemical (SASE:2380), d/b/a Petro Rabigh, and Thob Al Aseel (SASE:4012) posted their financial results for the three months ended March 31. Petro Rabigh emerged from a loss in the first quarter, while Thob Al Aseel logged a higher net profit and revenue."The reason for net profit reported during the current quarter compared to a net loss recorded in the same quarter of last year was primarily attributable to improved product margins resulting from stronger refined product pricing and higher sales volumes," Petro Rabigh said in its report.Petro Rabigh rose 10% at closing, while Thob Al Aseel ticked down 1.59%.Meanwhile, the local calendar will be mostly empty except for the kingdom's preliminary figures for its GDP growth rate for the first quarter and the M3 money supply and private bank lending data for March on Thursday.
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Research
Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.
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Equities
Petro Rabigh Emerges From Loss in Q1; Revenue Grows
Rabigh Refining and Petrochemical (SASE:2380), d/b/a Petro Rabigh, said Sunday it swung back to profit in the first quarter of 2026, while revenue increased year over year.Net profit attributable to shareholders of the issuer for the three months ended March 31 was 1.47 billion Saudi riyals, compared with the attributable loss of 691 million riyals earlier. EPS moved to 0.88 riyal from a loss per share of 0.41 riyal.The Tadawul-listed oil refining and petrochemical company's revenue was 14.85 billion riyals, compared with 11.21 billion riyals a year ago.
$SASE:2380