《大行報告》瑞信:比亞迪電子(00285.HK)首季收入符預期 但毛利率遜色
瑞信發表的研究報告指,比亞迪電子(00285.HK)公布首季業績,期內收入按年增長132%,符該行預期,但首季收入僅相當於市場對其上半年預測的39%,期內毛利率按季收窄3.5個百分點至6.4%,低於該行及市場預期,主要因為EMS收入佔比提升,以及零件/EMS業務毛利率較低,雖然毛利率較低,公司淨利相當於該行對其上半年預測的43%,意味公司已降低經營開支比率或於首季有較高的非經營收益。瑞信予比亞迪電子「中性」評級,目標價41.2元。
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