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《大行報告》麥格理下調比亞迪電子(00285.HK)目標價至42.45元 明年前景樂觀
麥格理發表報告指,進入第四季,作為比亞迪電子(00285.HK)的業務淡季,儲能系統(ESS)和金屬外殼組件等高利潤產品的收入貢獻料將減少,令管理層預測第四季收入將按季持平或下降。 比亞迪電子早前宣布收購捷普(JBL.US)位於成都及無錫的生產製造業務,麥格理預期交易將於年內完成,有助提升公司來自蘋果公司的業務貢獻。 麥格理引述比亞迪電子管理層指,對明年蘋果、安卓外殼組件及新能源汽車零件業務前景持正面看法態度,但因無意參與非理性的價格戰,預期ESS業務發展或受阻,因此預期相關產品收入增長可能放緩。 麥格理維持對比亞迪電子的「買入」評級,明年前景樂觀,但將未來三年盈利年均複合增長率預測從76%降至69%,計及新收購交易所帶來的利息成本上升,將2023至2025年盈利預測分別下調1%、12%及11%,目標價從48.45元下調至42.45元。
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