-- 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：我们将目标股价上调19美元至114美元，市盈率为32倍，基于我们2026年的每股收益预期（3.55美元），与同行相近，但低于ENTG三年平均市盈率（约34倍），因为主流市场的疲软和日益激烈的竞争抵消了人工智能带来的增长潜力。我们将2026年的每股收益预期上调0.17美元至3.55美元，并将2027年的预期上调0.04美元至4.64美元。随着ENTG 2026年新晶圆厂建设预测的改善（目前为接近两位数，而上季度为中个位数），我们对该公司2027/2028年的预期持续上调，相关收入通常会滞后9至18个月。尽管如此，短期业绩仍易受主流业务（占销售额的30%）的影响，而主流业务预计将面临内存短缺的挑战。我们认为，与同行相比，ENTG在人工智能领域的整体布局相当有限（主要基于整体晶圆厂活动和新开工建设），因此，鉴于其近期的业绩表现不佳，更高的估值难以令人信服。2026年第一季度，中国销售额同比下降4%（占第一季度总销售额的18%），鉴于我们认为中国市场竞争将日益激烈，这仍然是一个风险。
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