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《大行报告》麦格理下调比亚迪(01211.HK)目标价至22.3元评级「跑输大市」
阿思达克 06-14 10:27

麦格理发表研究报告,预期比亚迪(01211.HK)的新能源汽车将会在今年持续录得稳健的销售增长,料按年升31%,但中央政府削减对电动车的补助等举措将会继续拖累公司的盈利及估值表现,重申其「跑输大市」投资评级,目标价由原来的25.8元下调至22.3元,将公司2019及2020年每股盈利预测分别下调56%及66%。

该行又指,公司正积极扩展其电池产能,由2017年的10GWh扩大到2018年的 26GWh,目标是2020年达到60GWh,这将对其折旧与摊销构成沉重的压力,尤其是公司缺乏主要的外部客户。另外,有见外国汽车生产商重新进入中国市场後,比亚迪面对的竞争将有所增加。

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