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大行評級|花旗:首予藍思科技H股“買入”評級及目標價26港元 短期內偏好H股多於A股
花旗發表報吿,首次覆蓋藍思科技H股,給予“買入”評級,目標價為26港元(基於19.3倍2026年預測市盈率)。同時,花旗將藍思科技A股的目標價由25元上調至32元,仍基於25.7倍市盈率,但改用2026年每股盈測,因摺疊智能手機升級趨勢的能見度提升。從估值角度出發,該行短期內偏好H股多於A股。花旗重申藍思科技將成為2026年蘋果可能推出的摺疊iPhone之關鍵受惠者。該行預估這款潛在的摺疊iPhone將為藍思科技2026及2027年營收分別帶來5%和12%的貢獻。此外,該公司還將受益於前蓋板超硬塗層技術的應用、輕薄機型後蓋物料價值的提升,以及在2025年下半年新款iPhone金屬中框訂單份額的增加。短期來看,由於關税政策變動所引發的供應鏈調整,iPhone的補庫存需求有望為藍思科技2025年第二至第三季的盈利表現提供支撐。花旗預期藍思科技的非蘋果業務將成為市場情緒與長期增長的重要支撐。隨着小米高端手機策略的推進,加上筆記型計算機新業務機會與智能零售支付終端設備的發展,該公司的組裝業務可望持續成長。雖然人工智能智能眼鏡與人形機器人仍屬新興業務領域,但該行看好其長期發展潛力。
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