金吾财讯 | 招银国际研报指，京东方精电(00710)将于三月中旬公布2025年下半年/2025年业绩。该机构预估其2025年收入/净利润为145.33亿/3.85亿港元（同比增长+8%/-3%），这意味着2025年下半年预计收入/净利润为78.63亿/2.05亿港元（同比增长+8%/-10%），主要拖累因素包括国内去库存压力、越南/成都新工厂良率以及系统业务盈利能力。
展望2026年，该机构看好京东方精电的盈利复苏，支撑因素包括海外份额提升、越南产能爬坡、成都工厂及系统业务的利润率改善。考虑到2025年下半年盈利压力、更高的折旧成本以及系统业务利润率改善较慢，该机构将2025-27年每股收益预测下调了5-7%。基于相同的14.0倍2026财年预估市盈率，该机构将目标价调整至8.4港元（前值：8.84港元）。维持“买入”评级。
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