比亞迪電子(00285.HK)：三季度業績持續高增，北美大客户開拓順利，維持“優大於市”評級
機構：海通證券
評級：維持“優大於市”
公司公告2020年前三季度業績。2020年前三季度公司實現營收515.2億元，同比增長34.2%；實現毛利74.9億元，同比增長186.6%，毛利率14.5%，同比增長6.4pct；母公司擁有人應占溢利43.3億元，同比增長322.2%；淨利潤率8.4%，同比增長5.4pct；每股盈利1.9元。
Q3單季度高增長。單季度來看，20Q3實現營收201.3億元，同比增長33.2%，環比下降11.8%；實現毛利潤33.9億元，同比增長219.1%，環比增長11.5%；毛利率16.8%，同比增9.8pct，環比增3.5pct；淨利潤率9.2%，同比升6.3pct，環比升1.3pct。
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PE22-25X，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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