招银国际发布最新研究报告，指出碳化硅外延片行业正从单纯的产能扩张转向有效产能、成本控制及客户认证能力的综合竞争。作为全球外延片市场的领导者，瀚天天成(02726)凭借对境内外下游头部客户的深度覆盖，首次获得该机构“买入”评级，目标价定为161.18港元。
该行预测，瀚天天成在2026年至2028年的收入将分别达到13.1亿元人民币、29.5亿元人民币和53.2亿元人民币。剔除股份支付等影响后，经调整净利润预计分别为3.1亿元人民币、6.6亿元人民币和11.1亿元人民币。
报告进一步分析，未来推动股价表现的关键因素包括8英寸产品放量、下游应用领域多元化以及高压化趋势带来的量价齐升。凭借境内与境外市场的协同驱动，瀚天天成有望持续巩固其全球外延片龙头的地位。
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