均勝電子 (600699.CH): 18 年有望迎來轉折年 July 20, 2018

投資概要

通過近幾年的外延式並購佈局,均勝電子主要產品已覆蓋與駕駛有關的四大領域,即:汽車主/被動安全,人機交互(HMI)和智慧車聯(Connectivity),新能源電池管 理系統(BMS)和汽車功能件(Auto Component),為長期持續發展打下基礎,且今年公司業績有望進入改善軌道。我們調整目標價29.7 人民幣元,對應2018/2019 年各29/25 倍預計市盈率,給予增持評級。(現價截至7 月18 日)

年報季報下滑

均勝電子2017 年全年實現營收266 億元,同比增長43%,歸母淨利潤3.96 億元,同比減少13%,其中末季出現4.9 億的淨虧損。全年每股收益0.42 元,同比減少36%,每股派息0.1 元。2018 首季,公司實現營收70 億元,同比增長7%,歸母淨利潤0.31億,同比減少85%,每股收益0.03 元。

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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