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《大行報告》花旗下調比亞迪電子(00285.HK)目標價至26元 評級「買入」
花旗發表研究報告,預期對比亞迪電子(00285.HK)而言,第二季仍充滿挑戰,收入和利潤率將受壓,規模效應未得以顯現,但相信隨著新產品的增加和效率的提高,下半年業務或可較上半年改善。 該行預期,第二季收入將增長至255億元人民幣,當中新智能產品及汽車項目仍然受到零部件短缺所拖累;毛利率預期將略有改善,維持在約6%的低水平。 惟花旗指出,比亞迪電子在未來兩年將陸續推出新業務,推動業績增長,外殼及組裝業務將開始錄得增長,加上零部件短缺情況料於下半年得到緩解,預計公司產量將平穩上升。 考慮到發展前景良好,花旗重申「買入」評級,建議有耐心的投資者可考慮增持,將目標價由30元下調至26元,以反映人民幣貶值,對應2023年預測市盈率約12.5倍。
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