研報掘金丨中郵證券:首予東山精密“買入”評級,擬收購索爾思光電佈局光通信領域
中郵證券研報指出,東山精密擬收購索爾思光電,佈局光通信領域。本次交易完成後,公司將新增光通信業務板塊,實現業務多元化發展。當前精密製造業務整體稼動率約爲40%,與公司利潤目標存在一定差距。爲提升盈利能力,公司一方面加快大客戶新車型中新產品/料號的導入;另外一方面積極開拓新客戶資源,通過提升整體稼動率,推動利潤率穩步增長。自2024年起,下遊市場逐步回暖,公司重點開拓的大客戶進入量產階段,帶動業務盈利能力顯著改善。隨着大客戶訂單持續放量,預計今年全年營收與利潤將實現雙增長。首次覆蓋給予“買入”評級。
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