-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：科慕公司第一季度业绩喜忧参半，销售额为13.81亿美元（同比增长1%），低于预期2000万美元；调整后每股收益为0.05美元，超出预期0.09美元，但低于去年同期的0.13美元。由于融资成本上升和销售、管理及行政费用增加，净亏损从500万美元扩大至2900万美元。业绩反映出各业务板块的显著差异，TSS业务表现创历史新高（同比增长22%至5.68亿美元），抵消了TT业务的疲软（同比下降6%）和APM业务中断（同比下降17%）的影响。管理层预计第二季度销售额环比增长15%-20%，2026年全年同比增长3%-5%，调整后EBITDA为8亿至9亿美元。鉴于Opteon制冷剂的广泛应用以及汽车用氟利昂销售强劲，我们对TSS的业绩持乐观态度，其调整后EBITDA利润率达到33%。然而，我们仍然担忧TT的利润率可能因亚洲低成本生产商的竞争压力而压缩至3%，以及APM因华盛顿工厂停产而面临的运营挑战。我们认为，到2026年底将净杠杆率从4.9倍降至3.8倍以下的去杠杆化目标至关重要。
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