存储芯片价格挤压利润率，AI工具降本增效

存储芯片价格挤压利润率，AI工具降本增效 Storage chip prices squeeze profit margins&AI tools reduce costs and increase efficiency 最新动态 ➢2026年集团面临挑战：存储芯片价格上行及人民币汇率变动。1）存储芯片价格急剧上升：AI带动存储芯片需求爆发式增长，相关零部件价格自2025年第四季度以来已上涨超过两倍。存储芯片价格上行已成为市场趋势，对跨行业制造成本构成压力。市场普遍预期供应紧张及价格高位情况将延续至2026年。百富应对措施：根据市场需求，持续调整产品规格，以有效管理成本；因应市场及客户情况，调整产品价格策略；密切监控关键零部件价格走势及供应链动态；2）人民币升值趋势延续：自2025年第四季度以来，人民币呈持续升值趋势。汇率波动预计将对集团毛利率带来会计层面上的负面影响。我们认为，EMEA市场稳健，美国市场强劲，拉美和亚太市场不确定性高；存储芯片价格挤压利润率，将谨慎选择订单（避免低利润单），因此预计2026年收入同比下降10%。 ➢AI工具提升集团整体营运效能。围绕战略聚焦与资源配置优化，构建高效营运体系。1）调整产品定价战略：适时调整产品价格，以应对存储零部件成本上升研究非安卓以及泛智能产品的推出，完善市场覆盖。2）建立更精简营运体系：推动业务集约化运行，优化费用结构。拥抱AI赋能，降本增效。2025年公司费用结构持续改善，经营费用同比下降17%。我们预计公司2026年运营费用进一步下降5%-10%（非单纯降低员工收入，而是通过AI工具提升效率控制费用）。 动向解读 ➢全面升级安卓战略，确保集团竞争力。以安卓支付终端为核心，推动支付基础设备现代化升级。1）聚焦高价值安卓产品创新：优化产品组合，资源聚焦具备商用规模潜力及长期需求的核心机型。2025年安卓产品收入占比超过70%，成为集团业务发展的核心驱动。2）提升研发效率：优化研发架构，加快产品上市进程，提升商业化落地能力。3）拥抱人工智能：通过AI赋能，不断提高创造力和效率，为长期增长奠定基础。 ➢实现全球多元化布局，重点聚焦高潜力市场。1）LACIS:巴西、墨西哥及阿根廷受宏观经济波动及市场竞争加剧影响，部分客户对支付终端部署持较审慎态度，整体需求表现相对疲弱。巴拿马A系列智能支付终端录得稳健增长。2)EMEA:英国、德国及东欧销售表现亮眼。欧洲市场持续推进终端升级，推动A920PrO及A35的部署。埃及及南非:受电子支付渗透率提升驱动，安卓支付终端部署规模显著扩大。3)USCA：美国2025年收入创历史新高，同比增长24%。美国旗舰产品A920Pro、A35及A800实现强劲的出货量，应用场景覆盖零售、连锁快餐店及大型体育场馆等高频交易领域。美国EPOS Workstation商业终端订单量稳步上升，客户需求持续释放。4）亚太地区:日本销售额实现近翻倍增长，终端应用场景延伸至出租车、铁路及机场等交通出行场景，覆盖范围持续提升；东南亚受部分市场宏观环境波动及销售周期延长影响，终端需求有所放缓。 策略建议 ➢盈利预测。我们预计公司毛利率在37%-39%，营业利润率在7%-9%。我们预测公司2026-2028年归母净利润分别为4.06、4.43和4.93亿港元，参考同行业公司并考虑到A-H股估值差异，给予公司2026年10倍PE，对应目标价3.82港元，首次覆盖给予“中性”评级。 风险提示 ➢地缘政治与海外合规风险、行业竞争与技术替代风险、区域经营与市场风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：中创新航、中集安瑞科、新奥能源、长江基建集团、中国能源建设、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、北京能源国际、绿色动力环保、中国光大绿色环保、首钢资源、新特能源、中裕能源、北京燃气蓝天、达力普控股； 3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 0135 3537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Rese