《大行》中銀國際:解除EDA禁令和美越貿易協定短期內利好消費電子供應鏈
中銀國際表示,在美國解除EDA禁令和美越貿易協定於同日達成的背景下,投資者情緒轉向利好此前低迷的消費電子行業。雖然許多消費電子公司的股價仍低於4月2日前的水平,但該行認為,鑑於即將公布的2025年第二季度業績可能因實際關稅影響有限和美國客戶提前備貨而超預期,當前上漲行情仍有持續空間。
中銀國際指出,大多數消費電子公司的股價仍低於4月2日(「解放日」關稅戰開始前)的水平。考慮到:1)關稅對行業普遍採用的加價定價模式的短期影響有限;2)關稅戰開始後美國客戶提前備貨可能使供應鏈公司在2025年第二季度財報中出現上行驚喜;3)解除EDA禁令和美越初步貿易協定帶來的正面情緒提振,該行認為估值將繼續復甦。中期來看,該行認為密切監測關稅政策的演變、需求的可持續性以及AR眼鏡的發布是否能超出預期至關重要。在供應鏈股票中,更看好舜宇光學(02018.HK)、瑞聲科技(02018.HK)和比亞迪電子(00285.HK)。
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