智通财经APP获悉，星展发布研报称，将比亚迪电子(00285)目标价由30港元上调至40港元，维持“买入”评级。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，并将公司2027财年盈利预测下调3.6%，但预计AI基建有望驱动明年估值重评。
星展指出，比亚迪电子正由以手机为主的EMS模式，转向更高价值的液冷散热、电源及汽车电子业务。公司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。业绩方面，公司第二季度收入同比增长0.7%，较市场预期高出6%，但纯利同比下跌64%，较市场预期低46%。上半年组装业务收入较市场预期高出11%，但零部件业务则低6%，不利的产品组合及汇兑损失导致盈利逊于预期。
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