大行评级丨星展:上调比亚迪电子目标价至40港元,维持“买入”评级

格隆汇
Sep 04
星展发表研报指,比亚迪电子正由手机为主的EMS模式,转向更高价值的液冷散热、电源及汽车电子业务。最新一代液冷冷板项目已进入量产阶段,多款服务器已批量出货。虽然AI基建目前仍不足以抵销2026财年智能终端业务压力,但可提供更清晰的增长路径。该行将估值基础延展至2027年,目标市盈率由预测2026年16倍转移至预测2027年14倍,以反映苹果订单可见度转弱,对其2027财年盈利预测下调3.6%,不过料AI基建驱动明年估值重评,维持“买入”评级,并将目标价由30港元上调至40港元。

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