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中金:上調比亞迪電子(0285.HK)目標價至43港元 維持跑贏行業評級
格隆匯 09-03 14:33

中金公司報告指,上調比亞迪電子(0285.HK)目標價95%至43港元,相當於2021年市盈率20倍,意味股價有約3成上行空間,維持跑贏行業評級。

中金稱,比亞迪電子上半年收入按年增34.8%至314億元人民幣,淨利潤增3.3倍至24.73億元,淨利潤表現勝該行預期4%,相信主要由於疫情期間口罩生產及iPad組裝等新業務需求強勁。

集團宣佈將進軍醫療設備行業,計劃生產電子煙、牙科及骨科設備等,該行認為未來幾十年,這些產品在中國的市場潛力大。進軍醫療行業亦顯示集團的製造技術水平較強,故上調對其今明兩年口罩及其他產品的銷售預測72%及658%。

另外,集團上半年的組裝業務收入跌16%,相信是受到華為的影響,但今年至明年,蘋果公司及小米的業務收入有望部分抵消華為業務的疲弱。由於上半年組裝業務收入低過預期,該行下調對其今年兩年組裝收入預測25%及19%,至242億及289億元人民幣。

該行上調對其2020及2021年盈利預測25%及40%,至58.2億及42.9億元人民幣,主要因為今年上半年口罩業務表現優於預期,組裝業務遜預期。考慮到口罩業務收入貢獻及醫療設備業務潛在的盈利能力,上調其目標價。

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