金吾财讯 | 比亚迪电子（00285）盘中股价下跌4.59%，暂报20.80港元，成交额7963.91万港元。消息面上，美银证券发布研报，重申对比亚迪电子的“中性”评级，将目标价由29元降至25元，按2027年预测市盈率13倍估值。该机构指，比亚迪电子第三季盈利5.37亿元人民币（下同），按季升35%、按年跌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，按季升3%、按年升6%，首九个月收入大致符合预期。毛利率按季跌0.5个百分点至4.5%，受产品组合变化影响。该机构预计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Nvidia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。同时该机构将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。
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