20240329-招银国际-中国特种纤维-00285.HK-Reiterate_BUY_on_multiple_growth_drivers_in_2024_9页_1mb

报告摘要

Analyst reiterates BUY recommendation for BYDE (285 HK) with a raised target price to HK$46.51, representing a 61% upside from the current price.
Key growth drivers for 2024 include: recovery in Android high-end demand (led by Huawei and Xiaomi), sales synergy from Jabil acquisition (strong ramp-up expected in H2 2024), increased Apple share gain (sales contribution reaching 48-50%), ramp-up of high-end NEV products, and early shipments of AI servers.
FY2023 performance shows revenue growth of 21.2% YoY, driven by Android demand rebound, Apple expansion, and rapid NEV product growth. Gross margin improved to 8.03%, resulting in net profit growth of 118%, aligning with profit alerts.
FY2024 outlook expects revenue and net profit growth of 32% and 37% YoY, respectively, supported by management's guidance on client demand and operational synergies.
Valuation highlights an attractive P/E ratio of 10.8x for FY2024, with the new target price of HK$46.51 based on SOTP valuation, implying 17.2x P/E. The stock trades at 10.8x FY2024 EPS, which is seen as reasonable.
Key catalysts include Jabil mass production ramp-up, shipments of NEV and AI server products, and ongoing developments in AI trends.
Risks and disclosures include typical market risks, reliance on client demand, and potential delays in new product launches, with important disclaimers on investment advice and liability.

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