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瑞信:下調比亞迪(1211.HK)目標價至60港元 第四季指引遠低億於市場預期
格隆匯 10-30 11:18

瑞信發表的研究報告指,比亞迪(01211.HK)第三季業績符合其盈利指引,純利1.2億元人民幣(下同),按年及按季分別跌89%及83%,期內盈利倒退主要受毛利率下跌影響,期內毛利率按年及按季分別收窄2.9及1.6個百分點,主因內地新能源車補貼減少。

該行指出,由於比亞迪持有比亞迪電子(00285.HK)66%權益,而比亞迪電子第三季盈利按季增長137%至4.49億元,意味非比亞迪電子業務於第三季錄1.76億元的虧損(次季及上年同期則錄盈利5.8億及6.02億元人民幣)。展望將來,比亞迪預期盈利弱勢持續,並料第四季淨利將介乎1,000萬元至2億元,意味按年下跌84-99%,差過市場預期,另外公司亦指引全年新能源車銷售增長將為10%左右,意味第四季新能源車銷量將按年跌三成至7.2萬台。

瑞信指出,公司的全年盈利指引僅達市場預期的66%,相信市場預期亦將有所下調,該行將其2019-2021年盈利預測下調25-32%,目標價由65港元降至60港元,維持“中性”評級。

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