第一上海:升比亞迪電子(0285.HK)目標價至23港元 維持“買入”評級
第一上海發表研究報告指出,比亞迪電子(0285.HK)2018年和2019年處於業績谷底,但2019年Q3恢復進度明顯,同時也創造了新產品線和事業部的機會,預計2020年二季度有望重新恢復到增長正軌。按照公司2020年19倍PE的水平,提升未來12個月目標價至23.0港元,維持“買入”評級。
報告稱,公司利潤2020年預計迎來高速增長。公司歷史上分別經歷了兩次業績的高速增長,主要驅動力分別來自2/3G時代諾基亞/摩托羅拉的訂單,和3/4G時代金屬在手機上的大量應用。隨着近年在產品線上的不斷拓寬,組裝業務將帶動公司收入規模迅速擴張,公司預計在華為和蘋果客户的收入貢獻逐漸增大。金屬/玻璃/塑膠結構件、陶瓷功能件、汽車電子、智能產品等多個賽道共同發力,成為公司利潤增長的長期主要驅動力。
春節期間消費電子的線下消費和供應鏈景氣受到壓抑,考慮到一季度為消費電子淡季,且公司已經於2月10日開始全面復工,相當於延長了春節假期對製造業帶來一定的影響。預計在二季度,一季度被抑制的需求有望迎來強力反彈。
此外,公司迎合國家口罩生產需求,經營範圍新增了醫療器械。公司研發團隊迅速承接項目,着手防護物資生產設備的設計和製造,援產口罩、消毒液等產品。口罩生產自動化設備從1月底接到需求開始,迅速調配資源,建設並導入口罩生產線,預計2月12日試產,17日量產,2月底達成計劃500萬隻每天的產能。第一上海認為,公司的口罩自動化生產產線的迅速搭建反映了公司強大的研發實力和資源調度能力,醫療器械產品的銷售預計將為公司帶來一定的財務收益。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.