(资料图片)

招银证券6月28日发布公告。Initiate at BUY with TP of HK$7.54(70% upside). We forecast a33%/34% sales/earnings CAGR in2022-25E, thanks to39%/65% sales CAGR in New Energy/Automation & Connectivity and improving pre-tax margin (9.4% in FY22, vs9.8% in FY25E). With the stock trading at7.7x/5.8x FY23/24E P/E after recent correction, we initiate at BUY with TP of HK$7.54, based on12x FY23E P/E (24% below5-year hist. average), which we think is justified by34% FY22-25E earnings CAGR. Catalysts include favourable NEV policy, rising ADAS penetration, share gains in NEV clients and product launches.

关键词：