《大行報告》摩通降比亞迪(01211.HK)目標價至165元 或面對市場向下重估
摩根大通發表研究報告,指對比亞迪(01211.HK)首季業績疲弱不感意外,並符公司指引中間位。反之,令該行及市場感意外之處在於公司近數年來首次不就接下一季(即第二季)提供盈利指引。報告稱,倘撇除政府補貼及附屬比亞迪電子(00285.HK)盈利貢獻,該行估算比亞迪基本經常性溢利轉負,約虧損6.13億元人民幣。
報告稱,考慮壓抑同業盈利能力的因素,如原料成本、芯片短缺及推出新車款相關成本及開支等,首季料屬比亞迪今年季績見底的一季。該行稱,正面來說,月度銷售穩固;今年下半年起潛在滲透豐田在華電池供應鏈;以及比亞迪電強勁盈利貢獻,料利好股價。但同時,市場對比亞迪向下重估或對股價構成重大利淡。
考慮首季業績及對未來展望保守,該行下調比亞迪今明兩年盈測12%至13%,並低於市場預測23%至27%,目標價由200元降至165元,評級「中性」。
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