2025-06-16-花旗集团-耐力科技（ENDU）_耐力科技（ENDU.BO）_专注于多元化_增长和盈利能力_香港管理层会议要点_18页_619kb

报告摘要

Diversification: Management prioritizes expanding 4-wheeler and non-auto revenue, aiming for 45% 4-wheeler contribution by FY30. This includes acquisitions like Stöferle to access European markets and new product lines like battery products.
Growth Drivers: Organic expansion through customer base diversification and higher content per vehicle, supported by inorganic growth via planned acquisitions. Notable wins in EV battery segments and orders from global OEMs.

Valuation: Citi recommends "Buy" with a target price of Rs2,700, expecting a 12.5% share price return and 13.0% total return by FY26. EPS growth projected at 21.5% for FY25A, driven by revenue expansion and margin improvements.
Metrics: Revenue targets include Rs134,680 crore by FY26E, with EBITDA margins improving to 13.8% EBITDA margin and ROE rising to 16.7%. Dividend yield around 0.5-0.6%.

Potential Headwinds: Macro challenges in India's auto sector, pricing pressures in Europe, and slower adoption of EVs due to range anxiety and cost concerns.
Growth Uncertainty: Earnings could be impacted by lower-than-expected performance in new segments, affecting customer ramp-ups and order fulfillment.

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