请务必阅读正文之后的信息披露和重要声明海外研究公司深度研究报告证券研究报告＃industryId＃TMT＃investSuggestion＃审慎增持(＃首次）目标价：10.08港元现价：8.17港元＃marketData＃市场数据日期2022-5-18收盘价（港元）8.17总股本（百万股）736总市值（亿港元）60.15净资产（亿元）33.46总资产（亿元）55.43每股净资产（元）4.12资料来源：Wind＃relatedReport＃相关报告《车载显示龙头，智能座舱打开高速成长期》-2021.9.7海外TMT研究分析师：洪嘉骏hongjiajun@xyzq.com.cnSFC：BPL829SAC：S0190519080002＃00710.HK＃dyCompany＃京东方精电港股＃title＃车载显示龙头，智能座舱引领成长＃createTime1＃2022年5月18日主要财务指标＄zycwzb|主要财务指标＄会计年度2021A2022E2023E2024E营业收入(百万港元)7,7389,56212,06914,546同比增长（%）70.9%23.6%26.2%20.5%归母净利润(百万港元)328412491592同比增长（%）377.6%27.2%20.1%21.2%EBITDA利润率（%）6.6%6.6%7.5%7.0%净利润率(%)4.2%4.3%4.1%4.1%净资产收益率（%）10.8%11.0%11.7%12.4%每股收益(港元)0.450.560.670.80投资要点＃summary＃车载显示龙头，显示屏盈利大幅改善，智能座舱引领新成长。公司前身为精电国际，在单色显示模组深耕多年。2016年京东方入股并购，转型发展TFT彩色液晶模组，现已成为车载显示模组一线供应商，8寸以上模组出货量领先，并积极向显示系统集成、智能座舱解决方案等新业务拓展。公司在2021年营收77亿港元（同比+71%），其中车载显示/工业显示占比分别为84%/16%（同比+89%/+14%）。归母净利润3.3亿港元（同比+378%），归母净利润率上升至4.2%（同比+2.7ppts）。行业需求旺盛、内部降本增效，盈利有望继续提升。新能源车加速了汽车智能化并驱动显示屏需求，DIGITIMESResearch预计2025年全球显示屏出货量将达2.4亿块，总规模约122亿美元（2020-2025年CAGR约11.2%）。京东方集团提供了公司稳定低成本的面板资源，以及产品开发、国内客户关系、产能调控等优势，国产替代下公司市占率持续增长；随着规模效应逐步体现，利润率有望持续提升。系统集成与智能座舱是中长期增长路径。公司作为车载显示模组的头部厂商，目前积极拓展智能座舱产品线（预计2025年中国智能座舱市场将达到千亿元规模）,如数字后视镜、透明A柱、HUD等产品。与此同时，也积极布局显示系统的Tier1业务，在2021年已直接供应小鹏等新能源车企硬件模组或半系统产品。公司此前战略投资睿合科技和疆程技术，显著提升其在全贴合以及HUD领域的技术实力，未来或持续透过对外投资与并购，进一步提升行业竞争力。投资建议：我们认为，公司核心的显示模组增长稳健、利润率提升，有望驱动两年以上的业绩；智能座舱与系统集成也带来中长期业务空间。我们预计公司在2022/23/24年收入95.62/120.69/145.46亿港元，归母净利润4.12/4.91/5.92亿港元；我们按公司2022年盈利预测，给与18倍的PE估值，对应目标价10.08港元，首次覆盖给予“审慎增持”评级。风险提示：车载显示竞争加剧，产品研发不达预期，面板行业景气下行 请务必阅读正文之后的信息披露和重要声明-2-海外公司深度研究报告KeyDataMay.18,2022ClosingPrice（HKD）8.17SharesOutstanding(Mn)736MarketCap(HKD/Mn)6,015NetAssets(CNY/Mn)2,735TotalAssets(CNY/Mn)4,532BVPS(CNY)3.16AnalystHongJiajunhongjiajun@xyzq.com.cnSFC：BPL829SAC：S0190519080002Outperform(Initiated)TMTBOEVaritronixHongKongStock(00710.HK)Theleaderofautomotivedisplaymodule,withhighgrowthpotentialfromintelligentcockpitbusiness18/5/2022KeyFinancialIndicatorsFY2021A2022E2023E2024ERevenue(Mn/HKD)7,7389,56212,06914,546YoY(%)70.9%23.6%26.2%20.5%NetProfitattributedtoshareholders(Mn/HKD)328412491592YoY(%)377.6%27.2%20.1%21.2%EBITDAMargin(%)6.6%6.6%7.5%7.0%Netprofitmarginattributedtoshareholders(%)4.2%4.3%4.1%4.1%ROE(%)10.8%11.0%11.7%12.4%EPS(HKD)0.450.560.670.80HighlightsAutomotivedisplayleader,profitabilityofdisplayscreensimprovedgreatly,andtheintelligentcockpitbusinessisexpectedtopromotenewgrowth.ThecompanywasformerlyknownasVaritronixInternational,inthepassiveautomotiveandindustrialcontroldisplaymodulespendingformanyyears.2016BOEshareacquisition,transformationanddevelopmentofTFTmodulebusiness,hasbecomeaTier1ofautomotivedisplaymodule,morethan8inchmoduleshipmentsleading,andactivelytodisplaysystemintegration,intelligentcockpitsolutionsandotherhigh-techbusinessexpansion.In2021,thecompanyachievedrevenueofHK$7.7billion(YoY+71%),amongwhichautomotivedisplayandindustrialdisplayaccountedfor84%and16%respectively(YoY+89%and+14%respectively).Netprofitattributedtoshareholdersof2021wasHK$330million(YoY+378%).Netprofitmarginattributedtoshareholdersroseto4.2%(YoY+2.7ppts).Withstrongdemandforautomobiles,internalcostreductionandefficiencyimprovement,theprofitabilityofdisplayscreensisexpectedtoincreasecontinuously.EVareacceleratingautomotiveintelligenceanddrivingdemandfordisplays.ItisestimatedbyDIGITIMESResearchthatglobalautomotivedisplayshipmentswillreach240millionunitsby2025,andthetotalscalewillreachapproximatelyUS$12.2billionglobally,indicatingascaleCAGRofabout11.2%for2020-2025.Thetrendoflargescreensandmulti-screenshighlightstheBOEVaritronix’scompetitiveadvantages.Withthedomesticsubstitutiontrendacceleratedbytechnologicalbreakthroughs,weexpectthecompany’smarketsharewillcontinuetoincrease.Withtheexpansionofproductioncapacity,thecompany'sscaleeffectisgraduallymanifested,bringinganincreaseinprofitmargins.Systemintegrationandsmartcockpitarelong-termgrowthpaths.Astheheadmanufacturerofautomotivedisplaymodules,thecompanyisactivelyexpandingitsintelligentcockpitproductline(themarketofintelligentcockpitinChinaisexpectedtoreach100billionyuanin2025),suchasdigitalrearviewmirror,transparentA-pillar,HUDandotherproducts.Atthesametime,alsoactivelylayoutthedisplaysystemTier1business,in2021hasbeendirectlysuppliedtoXiaopengandothernewenergyvehiclecompanieshardwaremoduleorsemi-systemproducts.ThecompanypreviouslymadestrategicinvestmentsinRuiheTechnologyandJiangchengTechnology,significantlyenhancingitstechnicalstrengthinthefieldoffulllaminationandHUD,andmaycontinuetofurtherenhanceitsindustrycompetitivenessthroughforeigninvestmentsandmergersandacquisitionsinthefuture.Investmentsuggestion:WeexpectthecompanywillachieverevenueofHK$9.56/12.07/14.55billionandnetprofitattributedtoshareholdersofHK$412/491/592millionin2022/23/24.Webelievethattheexpansionofautomotivedisplayscreensandtherevenuereleaseofautomotivedisplaysystemswillprovideasolidfoundationforthecompany’sperformancegrowthinthenext1-2years.Theintelligentcockpitbusinesswillbringflexibilitytothecompany’sfutureperformanceandtheindustrialdisplaybu