《大行》美銀證券升比亞迪電子(00285.HK)目標價至45.5元 維持「中性」評級
美銀證券研究報告表示,比亞迪電子(00285.HK)上半年業績符合預期,淨利潤為17億元人民幣,毛利率為6.9%按年基本持平。營運利潤率因研發費用減少而提升0.2個百分點至1.7%。
美銀證券注意到,折疊iPhone較高的平均售價(ASP)短期內有助於支撐收入,但鑑於藍思科技(06613.HK)也在提升其鈦合金外殼能力,市場份額擴張可能較困難。該行讚賞比亞迪電子在業務多元化方面的努力,但作為AI伺服器供應鏈的新進入者,可能需時才能提供顯著貢獻。
美銀證券微調2025年預測以反映業績,同時將2026至2027年預測上調2%至9%,以反映新業務的潛在上行空間;目標價從42港元上調至45.5港元(維持2026年14倍市盈率不變),又因估值合理而維持「中性」評級。
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