-- 独立研究机构CFRA向发布了以下研究报告。CFRA分析师的观点总结如下：我们将目标价从22美元下调至20美元，这意味着2026年的市销率为1.3倍，较全球电动汽车同行3.0倍的平均市销率折让57%，这反映了人工智能投资带来的利润率压力以及其二线市场地位。我们将2026年的每股收益预期从0.86元人民币下调至0.33元人民币，并首次将2027年的每股收益预期设定为1.00元人民币。我们预计2026年和2027年的收入增长将放缓至每年20.5%-21%，这主要得益于车辆交付量的增加和新车型的推出，但日益激烈的竞争（比亚迪、吉利）导致的平均售价下降、产品组合稀释以及补贴减少将对增长构成压力。运营杠杆和规模效益的提升应能支撑我们预期的小幅利润率增长，但成本通胀上升和人工智能研发投入增加将限制利润率的扩张潜力。尽管2025年第四季度实现了创纪录的21.3%毛利率和首次季度盈利，但鉴于投资上行周期和中国电动汽车市场竞争加剧导致利润率疲软，我们对2026年能否维持盈利仍持谨慎态度。
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Research Alert: CFRA Keeps Hold Opinion On Shares Of Otis Worldwide Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target to $90 from $100 following Q1 earnings, valuing OTIS shares at 19.6x our 2027 EPS outlook of $4.58 (down from $4.70; 2026 EPS view updated to $4.18 from $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.
$OTIS
Asia Markets
Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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$^TASI$SASE:2380$SASE:4012
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.
$URI