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研報掘金丨安信證券:道通科技新能源業務開始放量,拉動盈利能力恢復
格隆匯 06-20 14:13
格隆匯6月20日丨安信證券19日研報指出,近日,道通科技(688208.SH)發佈4、5 月投資者關係活動記錄表,披露了一季度分業務的增長情況,其中綜合診斷產品同比增長 17%,高端產品Ultra系列同比增長47%,ADAS同比增長113%,TPMS同比增長40%,軟件雲服務同比增長10%。公司收入端穩中有升,診斷業務優勢地位穩固。認為公司針對汽車後市場的基本盤業務的穩定性充分彰顯出其在全球的優勢地位。整體來看,公司的汽車診斷業務競爭優勢顯著、格局穩定,有望持續實現穩健增長。另外,公司新能源業務開始放量,拉動盈利能力恢復。該行認為公司汽車診斷業務競爭優勢顯著、格局穩定,新能源業務發展空間廣闊,且具備一定的差異化技術和渠道優勢。首次覆蓋,給予增持-A 投資評級,6個月目標價36.21元,對應2023年PE為50倍。
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