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《大行報告》摩通下調比亞迪電子(00285.HK)目標價至27元 評級「中性」
阿思達克 11-02 11:21
摩通發表的研究報告指,比亞迪電子(00285.HK)第三季經營數據表現符預期,但第四季的指引則弱過預期,主要因為口罩需求減所拖累,短期口罩需求較低,但新一波疫情爆發或帶來潛在上行。該行維持對公司智能手機業務審慎的看法,主要認為華為禁令或會帶來負面影響,而iPad組裝方面則在正軌上,加上公司的金屬機殼料將在年底前投產,故維持對公司「中性」評級,目標價由29元降至27元。

該行指出第三季公司盈利按年增312%,預之前盈喜吻合,但收入則按季跌12%,主要因為口罩需求減,加上智能手機組裝業務受華為禁令影響有所下跌,但相關因素部分被iPad組裝業務所抵銷,而全年的收入及淨利指引則分別為700-750億元人民幣(下同)及50-55億元,反映第四季的盈利將按季跌51%。

管理層指出第四季盈利指引較弱主要因為因為口罩需求存在不確定性,今年首三季口罩收入達130億元,當中第三季口罩收入則為44億元,估計第四季相關收入將按季下跌,而現時口罩需求可見性較低,但近期新一波疫情爆發或會帶來潛在上行。

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