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《大行報告》花旗:料舜宇(02382.HK)及比亞迪電子(00285.HK)最受惠安卓供應鏈復甦
花旗發表研究報告,預期中國智能手機行業的去庫存已進入後期階段,Android機型供應料將扭轉行業表現不佳的局面,預測明年首季Android供應鏈將出現復甦,相關股份價格可能會提前波動,估計舜宇光學(02382.HK)及比亞迪電子(00285.HK)將是 主要受惠者,目標價分別維持160元及26元,評級「買入」。 另外,假期旺季過後,該行預期蘋果手機生產可能會開始減慢,隨著經濟持續衰退,明年上半年生產計劃可能會按年減少,蘋果供應鏈需求或受打擊。 花旗指出,現時主要Android品牌的庫存水平已降至正常水平,預計小米-W(01810.HK)海外庫存將在2023年第一季恢復正常,目標價14元,同予「買入」評級;預期上游供應鏈將退出去庫存模式,並重新開始為新機型準備零部件。花旗首選為舜宇,因為其60%以上的收入貢獻來自Android智能手機組件。 該行提醒,行業仍可能面對疫情對市場勞動力及供應鏈效率的影響;憧憬「雙11」促銷活動的數據或將成為前期催化劑。
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