《大行报告》瑞银:比亚迪(01211.HK)首季毛利率急收缩 面对下行风险评级「沽售」
瑞银发表研究报告,指比亚迪(01211.HK)首季纯利2.37亿元人民币,接近公司指引2亿至3亿元人民币下端;意味按季倒退71%,按年升111%,较2019年首季低68%。首季纯利仅相当於市场全年盈测53亿元人民币的4%。
报告称,比亚迪首季毛利率较对上一季大幅收缩4个百分点至12.6%,较去年第三季的22.3%大幅低出9.7个百分点,甚至低於去年首季经历疫情爆发时的17.7%。管理层在过去盈利指引曾称原料成本上升对汽车业务毛利率构成负面影响。首季附属比亚迪电子(00285.HK)贡献逾200%纯利,意味其余业务净亏损2.88亿元人民币,反映公司汽车业务脆弱及盈利能力波动。
瑞银表示,比亚迪或面对下行风险。公司正面临多项挑战,包括电动车市场竞争加剧;原料成本持续上升,行业难以将成本转嫁客户。瑞银降其2021至2023年每股盈测各5%,指现价相当於今年预测市盈率88倍及预测市帐率6倍,目标价144元,评级「沽售」,维持悲观看法。
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