瑞信:升比亞迪電子(0285.HK)目標價至11.8港元 評級“中性”
瑞信發表報告表示,比亞迪電子(0285.HK)
第三季收入達150億元人民幣,按季及按年分別升17%及51%,收入增長令毛利率由第二季5.5%改善至第三季7%。報告補充,比亞迪電子管理層預期今年收入介乎500億至600億元人民幣,按年升22%至46%,意味第四季收入將介乎116億至216億元人民幣;而明年收入則接近1000億元人民幣。該行認為,第四季收入預期較闊,主要是受到智能手機/基站出貨量的不確定性影響。
瑞信下調其2019年盈利預測34%,反映毛利率下降;惟升2020至2021年盈利預測分別16%及23%。基於2020年預測市盈率8.2倍計,目標價相應由10.7港元上調至11.8港元,維持“
中性
”評級。
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