研報掘金丨東方證券:維持立訊精密“買入”評級,目標價72元
東方證券研報指出,立訊精密通訊及汽車業務加速增長,平台型龍頭核心能力助力下游拓展。部分投資者認為公司是蘋果產業鏈組裝及零部件龍頭,利潤及業績主要受到單一大客户增量影響,且後續在A客户中增速有所放緩。該行認為公司內生消費電子業務Non-A業務增長穩健,利潤率高,且在聞泰產品集成業務並表後公司Non-A業務競爭力進一步加強。同時立訊汽車和通訊業務已開始進入加速放量階段,利潤佔比將快速增長。立訊在消費電子端積累的世界級零部件-模組-組裝的一體化能力、全球化供應鏈管理、成本管控優勢、內控及經營效率等優勢,以及底層技術的通用化、平台化應用能力將遷移至通訊、汽車等領域助力其快速突破行業頭部客户,已經看到公司通信業務正在海外頭部CSP及芯片廠商全面突破,汽車業務也將在萊尼並表後有望成長為全球汽車線束龍頭。參考下游客户銷量變化、通訊業務海外放量、聞泰產品集成業務及萊尼並表等因素調整盈利預測),根據可比公司25年32倍PE估值水平,對應目標價為72.00元,維持給予“買入”評級。
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