比亞迪電子(00285.HK)公司公告點評：綜合型平台發力，北美大客户開拓順利，維持“優於大市”評級
機構：海通證券
評級：優於大市
公司公告 2020 年上半年業績。2020 年上半年公司實現營收 313.9 億元，同 比增長 34.8%；實現毛利 41.0 億元，同比增長 164.3%，毛利率 13.1%，同 比增長 6.4pct；母公司擁有人應占溢利 24.7 億元，同比增長 329.9%；淨利潤率 7.9%，同比增長 5.4pct；每股盈利 1.1 元。
Q2 單季度環比顯著改善。單季度來看，20Q2 實現營收 228.2 億元，同比增 長 77.1%，環比增長 166.5%；實現毛利潤 30.4 億元，同比增長 325.5%，環比增長 185.2%；毛利率 13.3%，同比增 7.8pct，環比增 0.9pct；淨利潤率8.0%，同比升 6.5pct，環比升 0.3pct。
分業務來看：2020 年上半年，公司手機筆電業務營收 185.2 億元，同比下降7.0%，其中零部件收入 86.2 億元，同比增長 6.9%，組裝收入 99.1 億元，同 比下降 16.5%；新型智能產品營收 36.2 億元，同比增長 39.5%；汽車智能系 統業務收入 6.8 億元，同比下降 10.7%。
零部件：安卓份額升至四成，5G 手機滲透有望帶動改善。公司在金屬部件繼 續保持行業龍頭地位，為四成左右安卓金屬手機提供服務。公司玻璃及陶瓷業務頗具規模，成為行業前三的全製程方案提供商。下半年隨着 5G 手機產銷量和滲透率持續提升，公司手機業務將保持良好勢頭。
強大的研發製造平台和北美大客户合作將推動公司發展進入新階段。1）公司擁有領先的研發和垂直整合的製造實力、優質的客户資源，我們認為未來有 望在品類方面進一步豐富，協同快速增長；2）公司已經進入北美大客户核心產品線，業務發展和未來的更進一步合作可期。
盈利預測與投資建議。我們預計 2020-2022 年實現歸母淨利潤 55.7、41.3和 48.2 億元，同比增速為 248.7%、-25.8%和 16.6%。考慮到 2020 年醫療防護板塊貢獻利潤較大，我們按照 2021 年進行估值，結合同行業可比公司估 值及公司增速，我們給予 2021 年 PE 22-25X，對應合理價值區間 40.26-45.75元/股，按照 1 港元=0.88 元人民幣估算，對應合理價值區間為 45.75-51.99港元/股，維持優於大市評級。
風險提示：智能手機行業出貨量不及預期。
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