《大行報告》花旗上調比亞迪電子(00285.HK)目標價至27元 評級「買入」
花旗發表報告,比亞迪電子(00285.HK)去年第四季業績略遜預期,縱使收入及毛利率較上半年低位明顥改善。公司產品組合變得更多元及強勁,預期公司維持快速長及盈利能力將從低基數與強化經營槓桿顯著改善。在多項產品線的面發展,預期公司進入新增長周期,股價會在周期進行期間重估至高於平均水平。在近期股價調整下,對公司看法更為正面。該行將集團目標價由26元上調至27元,為2023年預測市盈率18倍,屬五年平均水平,維持「買入」評級。
該行預期比亞迪電子今年收入升26%,蘋果iOS陣營業務將在新產品滲透及市佔增加下持續大幅增長,毛利將從去年低基數恢復,安卓陣營業務在農曆新年後見復甦,更多新項目及舊項目投人增加。該行亦預期人工智能產品受惠家居能源儲存,將繼續錄30%堅韌按年增長;汽車業務收入料按年升倍至180億元人民幣;基於收人增長及毛利率復甦,全年淨利潤料按年升67%至30.95億元人民幣。
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