大行评级|美银:降比亚迪电子目标价至25港元,重申“中性”评级

格隆汇
Nov 02
美银证券发表报告指,比亚迪电子第三季盈利5.37亿元,环比升35%、同比跌62%,首九个月盈利仅达该行及市场预期的27%及43%,低于预期;收入约450亿元,环比升3%、同比升6%,首九个月收入大致符合预期。该行指,Android需求料延续疲弱至2027年,或拖累产品拉货;惟人工智能有望成为新动力,公司已开始为英伟达爬坡冷板产能,料2027年首季起有一定贡献,并对2027年下半年潜在参与ZQD持正面看法,整体指引2027年液冷收入逾10亿元。该行将2026至2028年盈利预测下调24%至42%,以反映利润率逊预期及iPhone机壳竞争加剧,并将目标价由29港元降至25港元,按2027年预测市盈率13倍估值,重申“中性”评级。

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