《大行報告》摩通升比亞迪(01211.HK)評級至「增持」 目標價上調至250元
摩根大通發表報告表示,現時旗下覆蓋的內地汽車公司已有四家公布初步數據,包括中升控股(00881.HK)、永達汽車(03669.HK)、長城汽車(02333.HK)及長安汽車(000625.SZ),對代工商來說,投資者憂慮次季或上半年的利潤及盈利壓力,主要因為期內芯片短缺、原料成本上升及競爭加劇等。不過自5月13日以來代工商已平均反彈46%,而長汽近期發盈利預告後股價上行,反映市場已消化次季或上半年業績弱勢。
以長汽為例,公司次季雖然銷量跌18%,但盈利按季接近持平,相信其他未公布數據的公司亦有類似情況,料吉利汽車(00175.HK)上半年盈利將為29億元人民幣,銷售較去年下半年跌20%、料盈利較去年下半年下跌10%,主要因為芯片短缺及季節性因素,而按年比較盈利則升26%,全年計維持盈利70億人民幣的估算。
比亞迪股份(01211.HK)方面,該行估計上半年盈利約為10億人民幣,假如撇除口罩業務的一次性收益、按年增約9%,情況與長汽類似,相信市場將聚焦於公司核心業務,並料將於下半年有所加快,主要受惠新能源汽車銷售增長等,而潛在獲得電池訂單等亦會令氣氛有改善,將評級由「中性」升至「增持」,上調目標價,由原來165港元升至250港元,以反映對其業務的正面看法。(el/w) ~
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