《大行報告》美銀證券降比亞迪電子(00285.HK)目標價至37元 上調盈測
美銀證券發表報告,下調比亞迪電子(00285.HK)目標價,由45元降至37元,相當於預測今年市盈率15倍,基於預期併購捷普業務的利好已在股價反映,評級「買入」。該行上調對其今明兩年盈測分別5%及23%,反映來自捷普業務的貢獻,因去年底已完成交易。
該行引述管理層指,現有蘋果(AAPL.US)業務仍見增長,受益於市佔擴張,安卓部門應受惠於更多採用鈦金屬機殼。就收購捷普業務,管理層稱仍需時間改善自動化及效益,預期2025年有顯著盈利上升空間,同時目標最遲2026年淨利潤率升至與同業領先者看齊水平。今年目標為對母公司美元債盡快轉換為人民幣債,以減少利息支出。
公司亦預計今年汽車相關銷售按年升50%以上,並指定價壓力已在去年出現,公司能透過產品設計、生產程序及產品組合紓緩風險,亦預期高端車款市佔上升,新產品如懸掛系統(suspension)將於第三季交付。
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