--- title: "高盛对 TVS Motor 持乐观态度；将评级上调至 “买入”，预计有 21% 的上涨空间" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/281727383.md" description: "高盛将 TVS 摩托公司评级从 “中性” 上调至 “买入”，将其 12 个月目标价提高至₹4,100，意味着 21% 的上涨空间。此次评级上调基于即将推出的高端产品强劲的销量可见性以及公司管理原材料成本通胀的能力。分析师预计 FY27E、FY28E 和 FY29E 的销量增长分别为 14%、11% 和 10%，均超过行业增长。主要风险包括原油价格和竞争，而催化因素则包括新产品发布和电动两轮车盈利能力的改善" datetime: "2026-04-05T18:42:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281727383.md) - [en](https://longbridge.com/en/news/281727383.md) - [zh-HK](https://longbridge.com/zh-HK/news/281727383.md) --- # 高盛对 TVS Motor 持乐观态度；将评级上调至 “买入”，预计有 21% 的上涨空间 Analysts at global brokerage firm Goldman Sachs have turned bullish on TVS Motor Company and upgraded their rating to 'Buy' from 'Neutral', citing strong volume visibility from upcoming premium launches and the company’s ability to pass on raw material cost inflation. Goldman Sachs has raised its 12-month target for TVS Motor Company to ₹4,100 from ₹3,830, implying a potential upside of 21 per cent. The brokerage applies a 33x price-to-earnings (P/E) multiple on the core business, based on its Q5–Q8 earnings per share (EPS) estimate, which is in line with the five-year average. TVS currently trades at the same multiple, below its historical peak of 39x. Goldman Sachs’ FY28 EPS, and earnings before interest, taxes, depreciation and amortisation (Ebitda) estimates are 3 per cent and 6 per cent higher than Bloomberg consensus, respectively. The brokerage further expects volume growth of 14 per cent, 11 per cent, and 10 per cent for FY27E, FY28E, and FY29E, respectively, compared with industry growth of 7 per cent, 7 per cent, and 5 per cent. This is expected to drive upward revisions of FY26E–FY28E EPS by up to 8 per cent. ### Strong volume growth, margin tailwinds The brokerage expects limited impact from commodity inflation, with margins likely to improve, supported by incentives under the PLI scheme. “We upgrade TVS Motor to Buy from Neutral to factor in superior volume visibility versus peers driven by upcoming premium products (RR 300, RTX 450, Norton); better ability to pass through raw material inflation; relatively limited volume impact from metal and Brent crude inflation in prior cycles; and a 35 basis points margin tailwind from the PLI scheme in FY28E versus FY26E,” wrote analysts Chandramouli Muthiah, Kota Yuzawa, and Rishabh Rathi in a research note. The brokerage sees TVS as a top-quartile volume growth beneficiary in the Goldman Sachs India Autos coverage universe, which should add upside optionality on relative valuation. ### Catalysts, key risks According to Goldman Sachs, the key debates around TVS Motor have centred on the potential impact of the gas supply situation on two-wheeler demand and production, sensitivity of premium motorcycle demand to crude oil prices, export and freight implications from shipping disruptions, and possible margin pressure from the Norton motorcycle portfolio and aluminium inflation. The brokerage identified upcoming Apache and Norton product launches, along with improving electric two-wheeler (E2W) profitability, as key catalysts. Additional qualification of more E2W models under the PLI scheme could further support the company relative to peers. However, Goldman Sachs flagged risks including ABS implementation, crude oil and commodity inflation, rare-earth and supply chain dependence on China, and intensifying competition across two-wheelers, scooters, and premium motorcycles. \============================================== _**(Disclaimer: View and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers' discretion is advised.)**_ ### 相关股票 - [GS-D.US](https://longbridge.com/zh-CN/quote/GS-D.US.md) - [CJET.US](https://longbridge.com/zh-CN/quote/CJET.US.md) - [GS-C.US](https://longbridge.com/zh-CN/quote/GS-C.US.md) - [CARZ.US](https://longbridge.com/zh-CN/quote/CARZ.US.md) - [CARU.US](https://longbridge.com/zh-CN/quote/CARU.US.md) - [MOTO.US](https://longbridge.com/zh-CN/quote/MOTO.US.md) - [GS-A.US](https://longbridge.com/zh-CN/quote/GS-A.US.md) - [GS.US](https://longbridge.com/zh-CN/quote/GS.US.md) ## 相关资讯与研究 - [分析人士称美联储或在 7 月加息](https://longbridge.com/zh-CN/news/287047510.md) - [史上最大 IPO“投行大单”，高盛分得最大一块蛋糕](https://longbridge.com/zh-CN/news/286981574.md) - [美国银行业高管谈论 AI 的口风已变 员工噩梦降临](https://longbridge.com/zh-CN/news/287055894.md) - [高盛上调本港楼市预测](https://longbridge.com/zh-CN/news/287130189.md) - [高盛料将担任 SpaceX IPO 的牵头主承销商](https://longbridge.com/zh-CN/news/286973629.md)