研報掘金丨海通證券:首予藍思科技“優於大市”評級,合理價值21.6-27元
海通證券研報指出,藍思科技(300433.SZ)24年前三季度實現營收462.28億元(同比+36.74%),歸母淨利潤23.71億元(同比+43.74%),歸母扣非淨利潤21.00億元(同比+45.96%)。分業務板塊來看,前三季度智能手機與電腦類收入佔比超過80%,實現較快增長,公司通過深化產業鏈垂直整合,為客户開發及量產智能手機、支付終端等智能設備,帶動公司銷售規模增長,並提升玻璃、金屬等結構件的市場份額。24年龍頭公司陸續推出AI 相關產品,公司積極配合客户AI手機、PC相關外觀件、結構件研發,有望實現單機價值量提升。同時,公司針對摺疊屏所需的UTG和CPI等核心部件已有技術佈局。考慮到可比公司估值水平,給予25年PE估值區間20-25x,對應合理價值區間21.60-27.00元,首次覆蓋給予“優於大市”評級。
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