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研報掘金丨光大證券:維持京東方A“買入”評級,擬收購彩虹光電30%股權競爭優勢再擴大

光大證券研報指出,京東方A擬收購彩虹光電30%股權,競爭優勢再擴大。本次收購彩虹光電30%股權,符合京東方發展戰略,能夠助力公司繼續鞏固和擴大競爭優勢,強化京東方在行業內影響力,促進公司業務整體競爭力提升。另外,公司回購武漢B17 少數股東權益將增厚母公司業績;公司折舊預計25年達峯,後續折舊下降有望帶來可觀利潤彈性。公司會持續優化產品產線定位,進一步提升運營效率,持續改善盈利水平。考慮到目前面板行業景氣度雖顯著恢復,但折舊金額仍然較大,結合公司25年Q1業績情況,調整公司25-26年歸母淨利潤預測至87.84億/124.71億元,調整幅度爲-7%/-8%,並新增27年歸母淨利潤預測爲144.86億元,對應PE估值分別爲17X/12X/10X。考慮到公司面板景氣度邊際回暖以及OLED業務成長性,維持公司“買入”評級。

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