《大行》美銀證券下調比亞迪電子(00285.HK)評級至「中性」 目標價微降至42元 面對藍思科技激烈競爭
美銀證券發表報告,將比亞迪電子(00285.HK)評級由「買入」下調至「中性」,因其在iPhone外殼和智能手機組裝業務,今年下半年起面臨來自同業藍思科技(06613.HK)的激烈競爭,可能會拖累已經疲軟的消費性電子產品銷售。
該行預計,在母公司比亞迪(01211.HK)ADAS快速滲透支持下,比亞迪電子2024至2027年汽車業務收入年複合增長率料達36%,部分抵消負面影響。同時將比亞迪電子2025至2027年的盈利預測下調1%至11%,以反映智能手機業務的風險。
該行認爲,由於競爭加劇導致盈利增長放緩,預測市盈率14倍(低於歷史平均水平)屬合理。本月,由於市場對比亞迪電子AI服務器液冷業務的更高預期,推動股價上升21%,認爲目前預測2026年市盈率13倍的估值合理,位於過去三年中週期水平。
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