金吾财讯 | 招银国际研报指，京东方精电(00710)2025年上半年收入同比增长8%基本符合市场预期，净利润同比增长5%，收入增长主要由汽车（同比增9%）/工业（同比增5%）显示屏增长驱动，利润受到折旧成本和费用影响。其中汽车显示屏增长在2025年上半年好于行业，得益于高端产品（触控面板、LTPS出货量同比增长78%，中大尺寸面板显示屏增长50%以上）和系统业务增长（同比增长60%以上）。对于2025年下半年展望，管理层指引收入增长高于行业平均增速一倍；系统产品预计同比增长20%；净利润率将保持环比稳定。整体而言，该机构将2025-27年EPS预测下调17-20%，以考虑2025年上半年业绩、折旧成本以及2026-27年利润率的逐步复苏。基于14.0倍2026年P/E，该机构将目标价下调至8.84港元。目前估值在13.4倍/10.9倍2025/26年P/E，维持买入评级。
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