比亞迪電子(00285.HK)：綜合能力打造平台型企業，多賽道拓展利潤空間，維持”買入“評級，目標價：39港元
機構：國元證券
評級：買入
目標價：39港元
公司2020年H1收入逆勢增長，營收和利潤創歷史新高
公司上半年實現營收人民幣313.86億元，同比增長34.8%；毛利41億，同比增長164.3%；毛利率13.06%，同比增加6.4個百分點；歸母淨利潤24.73億元，同比增長329.8%。
手機：業務結構向高價值方向調整，客户結構有效抵禦行業波動
公司上半年手機及筆電業務收入為185億元，同比下降7%。其中：組裝業務收入99億元，同比下降16.5%；零部件業務86億元，同比增長6.9%。從業務結構來看，公司的重心逐步向高價值量、高毛利率的零部件轉移。根據彭博數據，今年上半年全球手機（含智能手機和功能機）總出貨量為6.95億部，同比下降18.1%。其中：蘋果逆勢增長5.2%，小米下降3.5%，華為下降11.1%，增速均高於行業增速。
在當前國際博弈背景下，公司的客户結構有望有效抵禦行業波動風險。
北美大客户業務進入高速成長期，多業務領域增長潛力巨大
北美大客户方面，公司2020年Pad預計出貨量為數百萬台，並開始佈局海外產能，未來有望成為Pad產品線的龍頭供應商。公司不僅提供組裝業務，還能導入金屬和玻璃結構件；公司成為可穿戴新產品玻璃前蓋的主要供應商，將於2021年年中量產；公司持續拓展北美大客户的更多核心產品業務。公司在智能家居、無人機、電子霧化器以及物聯網等多個領域的產品也存在巨大增長空間。
維持“買入”評級，上調目標價至39港元：
我們上調公司2020~2021年業務收入預測至869億（+64%）、1185億（+36%）和1630億元（+38%），淨利潤54.7億（+243%）、49.1（-10%）億和71.8億元（+47%），按照2021年16倍PE估值，公司合理價格為39港元/股。維持“買入”評級，股價有33.9%潛在上漲空間。
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