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Brighter sales outlook after strong 2H25 earnings

2026-03-31 Ji SHI,Wenjing Do,Austin Liang 招银国际阿丁

Zenergy（3677 HK）2025年下半年（2H25）业绩强劲，营收同比增长50%至49亿元人民币，毛利率达到18.7%，超出预期。公司运营效率提升，客户结构改善，且无显著历史负担。管理层对2026财年销售量持更积极态度，预计为30+吉瓦时，较2025年8月的30吉瓦时目标有所提高，新订单可能好于预期。公司预计2026-2027财年产能将大幅扩张，2026财年计划产能增加35吉瓦时，可能带来更坚实的订单储备。预计2026-2027财年销售量目标上调至50吉瓦时。预计毛利率将同比收窄1.5个百分点至16.9%，销售、管理及行政费用率将同比下降2.7个百分点至8.5%。上调2026-2027财年净利润预测至14.6亿元人民币和20.7亿元人民币，分别上调7%和10%。维持“买入”评级，目标价18.00港元，基于上调后的2027财年市盈率20倍（此前为22倍），以反映毛利率的不确定性。主要风险包括主要客户新能源汽车销量低于预期、新车型拓展缓慢、利润率低于预期以及行业估值下调。

Brighter sales outlook after strong 2H25 earnings

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