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《大行報告》瑞銀升比亞迪電子(00285.HK)評級至「中性」 目標價大幅上調至40元
阿思達克 10-06 09:59
瑞銀發表研究報告指,比亞迪電子(00285.HK)口罩業務推動盈利增長,iPad組裝收入貢獻及小米集團(01810.HK)供應鏈份額增加,亦抵銷了來自華為的下行風險,該行上調比亞迪電子明年收入預測71%,料明年收入按年升23%,反映上述因素,並將投資評級由「沽售」上調至「中性」,目標價由8元大幅升至40元。

該行表示,比亞迪電子的口罩業務為一次性非核心業務,對其貢獻持保守態度,該行料口罩業務佔比亞迪電子明年收入及毛利分別26%及47%;但考慮到疫情下口罩業務潛在盈利增長可能高過預期,將2021至2022年盈利預測上調186%及163%。但瑞銀亦提醒,今年毛利率主要靠口罩業務所支持,相信公司明年目標要提高iPad組裝業務份額,將很難同時維持較高毛利率。

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