大行评级丨星展：上调敏实目标价至55港元，维持“买入”评级

Core Viewpoint - Strong growth in electric vehicle sales in China and Europe, along with a shift by global OEMs towards electric vehicles, is driving rapid growth in Sensata Technologies' battery casing business (BBU) [1] Group 1: Business Performance - The total unfulfilled orders for the battery casing business exceed 100 billion [1] - With total accumulated orders surpassing 250 billion, the company is projected to achieve a compound annual growth rate (CAGR) of approximately 20% in earnings from fiscal years 2024 to 2026, supporting upward valuation [1] Group 2: Profit Forecast - For the second half of 2025, the company expects net profit to grow by 14% year-on-year to 1.4 billion, driven by strong revenue growth in aluminum products and battery casing business [1] - The company anticipates that the impact of rising raw material prices will be manageable due to its strong bargaining power with OEMs, expecting gross margin to remain stable at 29.4% year-on-year [1] Group 3: Market Position and Valuation - The impact of tariffs is limited, affecting less than 5% of revenue [1] - With the accelerated development of the robotics business, the target price for Sensata has been raised from 40 HKD to 55 HKD, maintaining a "buy" rating [1]