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《大行报告》摩通降比亚迪(01211.HK)目标价至165元 或面对市场向下重估
阿思达克 04-30 15:49
摩根大通发表研究报告,指对比亚迪(01211.HK)首季业绩疲弱不感意外,并符公司指引中间位。反之,令该行及市场感意外之处在於公司近数年来首次不就接下一季(即第二季)提供盈利指引。报告称,倘撇除政府补贴及附属比亚迪电子(00285.HK)盈利贡献,该行估算比亚迪基本经常性溢利转负,约亏损6.13亿元人民币。

报告称,考虑压抑同业盈利能力的因素,如原料成本、芯片短缺及推出新车款相关成本及开支等,首季料属比亚迪今年季绩见底的一季。该行称,正面来说,月度销售稳固;今年下半年起潜在渗透丰田在华电池供应链;以及比亚迪电强劲盈利贡献,料利好股价。但同时,市场对比亚迪向下重估或对股价构成重大利淡。

考虑首季业绩及对未来展望保守,该行下调比亚迪今明两年盈测12%至13%,并低於市场预测23%至27%,目标价由200元降至165元,评级「中性」。

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