金吾财讯 | 招银国际研报指，比亚迪电子(00285)预计将于3月下旬发布2025年下半年业绩。该机构预计其2025年下半年收入/净利润为人民币963亿元/25.3亿元（同比-3%/-8%），这意味着2025年第四季度收入/净利润同比增速为-3%/-7%（对比2025年第三季度的-2%/-9%），主要原因是尽管毛利率同比有所改善，但仍受到智能手机和汽车行业逆风的拖累。展望2026年，该机构预计在iPhone Fold、新能源汽车产品渗透率提升以及AI服务器订单（液冷/电源/互联产品）获取的推动下，收入增长将更加强劲，但这部分将被因内存成本上升导致的安卓需求疲软所抵消。该机构下调了2025-2027年每股盈利预测1-13%，以考虑2026年智能手机和汽车行业逆风的因素。该机构对比亚迪电子在2026-2027年新能源汽车产品上量及AI服务器产品布局的业务前景仍持正面看法。该机构基于分部估值法的新目标价为39.69港元，对应16.2倍2026财年预期市盈率。维持“买入”评级。
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