大摩:降比亞迪電子(0285.HK)評級 目標價下調至26港元
摩根士丹利發表研究報告指,將比亞迪電子(0285.HK)評級由與大市同步下調至遜於大市,因為來自於口罩業務的利潤貢獻將從四季度放緩,而ipad組裝業務的盈利能力也面臨挑戰。
報告指出,據估算,比亞迪電子今年約50%的利潤都來自於口罩業務,但此情況不可持續,上半年口罩業務的利潤率高於普通組裝業務,為考慮口罩業務在2020-22年的貢獻,仍將比亞迪電子2020-22年的盈利預測分別提高34%、32%和23%,因此將其股票目標價從22港元調升至26港元。
大摩預計,口罩業務的收入和盈利貢獻會在2021年、2022年逐步迴歸常態化,對於公司組裝ipad的盈利能力並不那麼樂觀,因為公司此前缺乏組裝蘋果產品的經驗。

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