招财日报2024.7.12 京东、鸿腾精密、丘钛科技公司点评

招银国际07-12

公司点评京东（JD US，买入，目标价：51.9美元）- 预期2Q利润将有望好于预期尽管空调品类的高基数以及PC品类全行业疲软的表现或会对京东2Q24电子产品和家用电器（E&HA）业务单元的收入增长带来压力，但专注于ROI和推动高质量增长的策略或有望推动其盈利好于市场预期。我们预计京东在2Q24录得收入为290.9亿元人民币，同比增长1.0%，非美国通用会计准则（non-GAAP）净利润为99亿元...

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Voltaira将收购德国汽车电子、高压线束供应商Auto-Kabel集团。总价值以7,250万欧元收购，对应0.5倍P/B估值（vs. FIT 1.3x P/B）。收购案将于今年年底完成，并在2025年为鸿腾精密显著贡献收入。Auto-Kabel集团是电动移动领域的先驱和汽车能源分配和管理的技术领导者，拥有强大的传统车厂客户基础和领先的创新能力，公司总部也在德国。Auto-Kabel集团最近在电动移动领域进行了大量投资，特别是在高压电动车系统的母线和铝电缆技术方面。此次收购将显着提升Voltaira集团在车用智能电力分配系统中的产品组合，包括创新的电池线束、母线和高压车辆电气系统。通过此次合并，Voltaira集团将在欧洲、亚太地区、中东、非洲和美洲拥有超过50个据点，全球员工超过13,000人。从财务影响来说， Auto-Kabel公司FY23/24财年收入分别为3.25亿/4.3亿欧元，毛利率为40%/34%，分别录得净亏损为1,089万/5,147万欧元。此次收购案作价7,250万欧元，对应公司FY24财年0.5倍市净率。假设Auto-Kabel的财务体量保持不变，将为鸿腾精密 FY25收入贡献8%，公司34%的毛利率水平也显著高于目前鸿腾精密的水平（~20%）。我们认为此收购案将进一步促进鸿腾精密“3+3战略“的推进。目前鸿腾精密股价对应17.4/11.4倍的FY24/25E市盈率倍数，我们认为估值依然具有吸引力。维持买入评级，目标价4.24港元依然是基于13倍的FY25E财年市盈率倍数。近期股价驱动因素包括AirPods订单进展、AI服务器产业链情况更新以及iPhone 16新机型发布。丘钛科技（1478 HK，买入，目标价：6.47港元）- 盈利复苏才刚开启；提升目标价至6.47港元丘钛科技发布了1H24业绩盈喜，净利润预计同比增长400-500%（至1.09-1.3亿元），占2024年我们/一致预期的净利润分别29-34%和40%-47%。业绩优良主要受以下因素所驱动：1）高端CCM占比增加，2）汽车/IoT CCM业务增长，3）UTR提升，4）联营公司（新钜科技）更具盈利能力。展望2024年下半年，我们对安卓旗舰机型发布、高端手机规格升级、汽车/IoT 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