<p>美银证券在一份研究报告中表示，先导智能（00470.HK）上涨 2.650（+4.686%），第一季度收入为 37 亿元人民币，同比增长 19%，但环比下降 8%，比经纪人预期低 15%，因为电池设备的收入确认速度低于预期。毛利率为 33.6%，同比下降 0.9 个百分点，环比下降 1.3 个百分点，低于经纪人预测的 35.5%，原因是期间确认了某些低毛利的太阳能设备订单。净利润达到 4.05 亿元人民币，同比增长 11%，环比增长 7%，但比经纪人预期低 14%。</p>
<p>公司预计在接下来的几个季度中，随着高毛利电池设备订单的确认，毛利率将环比改善。考虑到第一季度的业绩，经纪人将 2026 年和 2027 年的盈利预测分别下调 2% 和 1%。然而，目标价从 57 港元上调至 64 港元，并重申买入评级。（ss/u）（香港股票报价延迟至少 15 分钟。）</p>
<p>本文由人工智能自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>

先导智能

<p>BofAS 已将先导智能的目标价格从 57 港元上调至 64 港元，维持买入评级。该公司报告第一季度收入为 37 亿元人民币，同比增长 19%，但低于预期 15%，毛利率为 33.6%。净利润为 4.05 亿元人民币，同比增长 11%，但也低于预期。先导智能预计随着高毛利电池设备订单的确认，未来几个季度毛利率将有所改善。2026 年和 2027 年的盈利预测分别下调了 2% 和 1%</p>

<p>BofAS said in a research report that WUXI LEAD (00470.HK) +2.650 (+4.686%)  recorded 1Q revenue of RMB3.7 billion, up 19% YoY but down 8% QoQ, 15% below the brokers expectations, as revenue recognition for battery equipment was slower than expected. Gross margin was 33.6%, down 0.9 ppts YoY and 1.3 ppts QoQ, below the brokers forecast of 35.5%, due to the recognition of certain low-margin solar equipment orders during the period. Net profit reached RMB405 million, up 11% YoY and 7% QoQ, but 14% below the brokers expectations.</p>
<div class="lb-trans"><p>美银证券在一份研究报告中表示，先导智能（00470.HK）上涨 2.650（+4.686%），第一季度收入为 37 亿元人民币，同比增长 19%，但环比下降 8%，比经纪人预期低 15%，因为电池设备的收入确认速度低于预期。毛利率为 33.6%，同比下降 0.9 个百分点，环比下降 1.3 个百分点，低于经纪人预测的 35.5%，原因是期间确认了某些低毛利的太阳能设备订单。净利润达到 4.05 亿元人民币，同比增长 11%，环比增长 7%，但比经纪人预期低 14%。</p>
</div><p>The company expects gross margin to improve QoQ over the next few quarters as high-margin battery equipment orders are recognized. Taking into account the 1Q results, the broker lowered its earnings forecasts for 2026 and 2027 by 2% and 1%, respectively. However, it raised the TP from HKD57 to HKD64 and reiterated its Buy rating.(ss/u)(HK stocks quote is delayed for at least 15 mins.)</p>
<div class="lb-trans"><p>公司预计在接下来的几个季度中，随着高毛利电池设备订单的确认，毛利率将环比改善。考虑到第一季度的业绩，经纪人将 2026 年和 2027 年的盈利预测分别下调 2% 和 1%。然而，目标价从 57 港元上调至 64 港元，并重申买入评级。（ss/u）（香港股票报价延迟至少 15 分钟。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由人工智能自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

BofAS Raises WUXI LEAD  TP to HKD64, Company Guides for Margin Improvement

AASTOCKS News

美国银行

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Bank of America Corp

美银证券将 WUXI LEAD 的目标价上调至 64 港元，公司预计利润率将有所改善