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研報掘金丨財通證券:均勝電子在手訂單充足發展能見度高,維持“增持”評級
格隆匯6月30日丨財通證券29日研報指出,均勝電子(600699.SH)全球佈局保障業務韌性,在手訂單充足發展能見度高。根據公司2022年年報,公司2022年新獲全生命週期訂單超760億元,其中800V高壓快充、智能網聯等新興業務領域產品取得了較大的突破。奧托立夫的裁員或一定程度反映了全球汽車安全市場格局正在變化,均勝電子有望通過其全球化供應鏈佈局戰略加速提升市場份額。公司汽車安全業務進入整合尾聲,業務發展邊際向好;汽車電子業務伴隨智能化、電動化的產業趨勢,業務合作與下游訂單均處於高景氣期;營收與業績端觸底反彈可期。預計公司2023-2025年分別實現收入539、593、651億元,實現歸母淨利潤10.6、16.4、23.2億元,對應當前PE估值分別為23x、15x、10x,維持“增持”評級。
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