-- 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：我们将目标股价从6.50美元上调至7.00美元，这意味着2026年的市销率为1.0倍（低于其五年平均市销率2.7倍），这是基于我们预测的2026年和2027年营收复合年增长率分别为29%（低于其截至2025年的五年平均复合年增长率40%）。我们预计蔚来汽车2026年和2027年的营收将分别增长33%和25%，前提是2026年和2027年的汽车交付量将分别增长40%和30%，主要受即将推出的新车型（包括ONVO L80、ES9和五座ES7）需求的推动。我们预计，在产品组合优化和规模效益提升的支撑下，蔚来汽车的非GAAP净亏损将有所收窄。然而，日益激烈的价格竞争、政策阻力以及成本上升可能会延缓盈利能力的改善，盈亏平衡点不太可能在2028年之前实现。交付量增长和利润率走势的改善令人鼓舞，但在公司展现出清晰的盈利路径之前，尚不足以支撑更积极的预期。我们将2026年非GAAP LPADS预测值从0.51元人民币下调至0.42元人民币，并将2027年的LPADS设定为0.09元人民币。
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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