比亚迪电子(00285.HK)公司公告点评：综合型平台发力，北美大客户开拓顺利，维持“优于大市”评级
机构：海通证券
评级：优于大市
公司公告 2020 年上半年业绩。2020 年上半年公司实现营收 313.9 亿元，同 比增长 34.8%；实现毛利 41.0 亿元，同比增长 164.3%，毛利率 13.1%，同 比增长 6.4pct；母公司拥有人应占溢利 24.7 亿元，同比增长 329.9%；净利润率 7.9%，同比增长 5.4pct；每股盈利 1.1 元。
Q2 单季度环比显著改善。单季度来看，20Q2 实现营收 228.2 亿元，同比增 长 77.1%，环比增长 166.5%；实现毛利润 30.4 亿元，同比增长 325.5%，环比增长 185.2%；毛利率 13.3%，同比增 7.8pct，环比增 0.9pct；净利润率8.0%，同比升 6.5pct，环比升 0.3pct。
分业务来看：2020 年上半年，公司手机笔电业务营收 185.2 亿元，同比下降7.0%，其中零部件收入 86.2 亿元，同比增长 6.9%，组装收入 99.1 亿元，同 比下降 16.5%；新型智能产品营收 36.2 亿元，同比增长 39.5%；汽车智能系 统业务收入 6.8 亿元，同比下降 10.7%。
零部件：安卓份额升至四成，5G 手机渗透有望带动改善。公司在金属部件继 续保持行业龙头地位，为四成左右安卓金属手机提供服务。公司玻璃及陶瓷业务颇具规模，成为行业前三的全制程方案提供商。下半年随着 5G 手机产销量和渗透率持续提升，公司手机业务将保持良好势头。
强大的研发制造平台和北美大客户合作将推动公司发展进入新阶段。1）公司拥有领先的研发和垂直整合的制造实力、优质的客户资源，我们认为未来有 望在品类方面进一步丰富，协同快速增长；2）公司已经进入北美大客户核心产品线，业务发展和未来的更进一步合作可期。
盈利预测与投资建议。我们预计 2020-2022 年实现归母净利润 55.7、41.3和 48.2 亿元，同比增速为 248.7%、-25.8%和 16.6%。考虑到 2020 年医疗防护板块贡献利润较大，我们按照 2021 年进行估值，结合同行业可比公司估 值及公司增速，我们给予 2021 年 PE 22-25X，对应合理价值区间 40.26-45.75元/股，按照 1 港元=0.88 元人民币估算，对应合理价值区间为 45.75-51.99港元/股，维持优于大市评级。
风险提示：智能手机行业出货量不及预期。
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