《大行報告》花旗:比亞迪電子(00285.HK)電子煙業務令人失望 納入負面觀察名單
花旗發表研究報告指,市場對比亞迪電子(00285.HK)電子煙業務憧憬過早,導致股價大幅反彈,認為雖然公司已獲得電子煙製造商許可證,但內需在監管下持續疲軟,出口取得進展亦需要一段時間,預期該業務今明兩年貢獻不大,發展令人失望。
報告同時指出,比亞迪電子大客戶三星近期正通過停止採購來積極去庫存,料將影響比亞迪電子下半年外殼業務,估算若金屬/玻璃外殼業務下降10%,將對下半年收入及盈利造成1%及10%影響。
花旗指出,現時整個供應鏈的庫存水平很高,預期全行業去庫存需時較長,雖維持對比亞迪電子的長期「買入」評級,預期可實現週期復甦,但鑑於短期內的負面影響,對其開展為期90日天的負面觀察,並將2022年盈利預測下調5%,目標價為26元。
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