《大行報告》瑞信上調比亞迪(01211.HK)目標價至315元 評級「跑贏大市」
瑞信發表的研究報告指,統計顯示7月份比亞迪股份(01211.HK)銷售表現跑贏整體乘用車市場,期內銷量按年升83%、按月升13%至5.74萬輛,主要受惠新能源車銷量升234%,而內燃引擎汽車(ICE)銷量則跌58%。該行旗下高端大型轎車「漢」7月份售出約8,600台,按月持平,而整體DM-i的低成本PHEV則售出2.2萬台,按月升20%至30%,並成為主要銷量增長引擎,貢獻整體銷量的38%。
今年首七個月比亞迪整體PHEV銷量為8.18萬台,而該行估計全年PHEV銷量將超越公司訂下的20萬台目標,考慮到每月售出約2.5萬台PHEV,加上在手訂單強勁,比亞迪估計在供應限制緩和後,整體DM-i產品到今年年尾每月交付將逾4萬台。
該行認為考慮到DM-i銷量好過預期,將公司2021至2023年每股盈測升3.1%至8.3%,目標價由280元升至315元,評級「跑贏大市」。
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