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研報掘金丨東方證券:維持順絡電子“買入”評級,目標價36.45元
格隆匯 07-21 15:05
東方證券研報指出,順絡電子深化汽車電子與AI領域佈局,有望打開成長空間。部分投資者認為公司手機領域產品份額已經達到較高水平,未來公司手機、消費電子等傳統存量業務增速可能放緩,成長空間受限。但該行認為,汽車電子與AI相關領域市場需求成長性明確。公司在元件的小型化、精細化方面的技術優勢突出。未來公司有望在汽車電子及AI領域持續推出高端電感產品,深度受益於電感在相關領域量價齊升的趨勢。隨着公司各類車規新產品不斷髮力,可供產品的單車價值量有望持續上升。從市佔率來看,公司小功率類車規變壓器等產品市佔率水平逐步提升。隨着公司新產品新技術的不斷導入和突破,公司汽車電子業務有望保持高速成長。在AI算力領域,公司在AI服務器等應用場景為客户提供多種節能降耗的產品組合與方案,客户進展順利。根據可比公司25年27倍PE估值,對應目標價36.45元,維持“買入”評級。
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