瑞信降比亚迪电子(0285.HK)目标价至10.7港元评级“中性”
瑞信发表的报告指,比亚迪电子(0285.HK)
上半年业绩逊预期,主要因为毛利率较低及研发开支增加,虽然期内收入较该行及市场预期高6-8%,但毛利率则较预期低,而期内研发开支按年增37%,较瑞信预期高39%。该行欣赏公司向OEM提供更多服务,以捍卫外壳业务市场份额的努力,但担心EMS整机组装业务将拖累毛利率表现,将2019-21年净利预测下调17.7%、1.5%及0.7%,目标价由11.1港元降至10.7港元,维持“
中性
”评级。
管理层预期假如大客户维持现时的势头至年底,下半年表现将优于上半年,而金属外壳毛利率有机会提升至逾20%的正常水平。另外公司亦正与大客户在智能手机、电脑、5G基站及伺服器上合作,亦准备进入大型的美国OEM供应链,相信相关因素在2020年将成增长引擎。
该行欣赏公司第三季出货量跟随大客户增长而复苏,另外公司成功渗透美国OEM市场以及金属外壳毛利复苏亦是正面,但同时关注EMS整机组装业务利润较低,而在5个海外国家扩张或会导致经营开支提升及潜在的人手和折旧负担。
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