大行評級|麥格理:重申比亞迪電子“跑贏大市”評級 估值仍然吸引
麥格理髮表研究報吿指,比亞迪電子自4月中旬以來股價大幅反彈,累升62%,對比同期恒指升幅為約12%,相信是受到英偉達人工智能產品、蘋果發佈會,以及歐盟落實對進口電動汽車加徵關税等影響。比亞迪電子預計未來兩至三年AI相關收入將達到100億元,相當於麥格理預測2026年整體收入的約5%。該行目前預測蘋果公司今年收入可實現雙位數增幅,同時新推出的人工智能功能將帶動未來幾年的換機需求。
麥格理汽車分析師亦認為,歐盟對中國純電動汽車加徵進口關税,對比亞迪來説有正面影響,預期比亞迪仍有餘地從今年下半年起,通過出口及擴大本地生產來積極拓展歐盟市場,將同時有利於比亞迪電子發展,可在供應鏈中獲得更好的份額。目前預測2024至2026年比亞迪電子新能源汽車零部件業務收入年均複合增長率可達到45%。麥格理指出,比亞迪電子現價對應今明兩年預測市盈率約13倍及9倍,估值仍然吸引,重申“跑贏大市”評級,業績預測基本不變,目標價為41港元。
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