大和:上調比亞迪(1211.HK)每股盈利預測,重申買入評級
大和發表研究報吿,將比亞迪(1211.HK)目標價由232港元升至19%至276港元,重申買入評級。同時還將2021-23年每股盈利預測提高5-7%,主要是因為將汽車細分市場銷量預測上調8-10%,以反映管理層的指導;估計新能源汽車細分市場EBIT將在2020-23年實現年複合增長率60%。
報吿指,比亞迪DM-i產品有強大需求及保持強勁;4月推出的Qin Plus DM-i,比亞迪交付了3000輛;訂單銷量大幅上升達1萬台,6月目標是交付1.8萬台,由增加其刀片式LFP電池產能支持。比亞迪還與滴滴合作BEV,預計2021年將交付5-7萬輛。總體而言2021年指導40萬輛新能源汽車銷量,按年增長111%。在技術方面,計劃推出搭載全新E3.0平台的1000公里駕駛車輛。該集團還在考慮採用蜂窩車(CTV)技術,以進一步提高車輛的電池容量。
比亞迪表示,一旦電池部門的外部收入達到40%,根據規定,可以分拆電池業務,預計將於2022-23年內啟動上市計劃。另外,2021年手機和太陽能領域的強勁增長。手機部,今年美國大客户的收入將達到至少30-400億元人民幣,而電子煙、無人機和家電客户業務可能保持強勁。
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