一文綜合大行於比亞迪(01211.HK)公布中期業績後最新目標價及觀點
比亞迪(01211.HK)今早股價偏淡,早市股價跌1.1%報259.4元。摩根大通發表報向表示,比亞迪今年第二季業績大致符合預期,若撇除去年同期一次性出售口罩收益因素後,盈利增長明顯,並估計旗下新能源車銷量於今年下半年可翻倍,受惠於新車推出及電池廠產能樽頸紓緩。該行上調對比亞迪H股目標價,由250元升至350元,維持「買入」評級。
比亞迪上周五(27日)收市後公布中期業績,純利按年倒退29%至11.74億元人民幣,每股盈利0.41元人民幣。期內收入按年增長54%至891.31億元人民幣,毛利按年倒退5%至99.21億元人民幣。其中汽車、汽車相關產品及其他產品業務收入按年增長25%至381.46億元人民幣,手機部件、組裝及其他產品業務收入按年增長86%至428.22億元人民幣,二次充電電池及光伏業務收入按年增長71%至78.74億元人民幣。期內毛利下降5.3%至約99.21億元人民幣。毛利率由約18.05%降至約11.13%。毛利率下降主要是產品結構變化所致。
【核心盈利強 銷售前景俏】
瑞信發表報告表示,比亞迪今年上半年業績略超預期,中期純利倒退29%為去年錄得口罩銷售盈利所致,扣除比亞迪電子(00285.HK)的盈利貢獻後,比亞迪中期經調整純利按年升1.57倍至9,700萬元人民幣,受惠於汽車銷量按年升55%。該行亦指,比亞迪現季度銷售強勁,7月銷量按年升82%(按月升12%)。該行指比亞迪8月首三周銷量按年升46%(按月升16%),因此上調比亞迪今年至2023年每股盈利預測最多1.5%,上調對其H股目標價,由315港元升至320港元,評級「跑贏大市」。
野村指,比亞迪上半年受成本壓力和來自比亞迪電子(00285.HK)的盈利貢獻下降所拖累,令表現受限,但公司核心業務仍有強勁增長潛力,且有多項推動因素,包括電動車銷售增長、刀片電池獲其他品牌採用。該行預期盈利於下半年有進一步上升空間,主要來自新能源車銷售和其他外部客戶的刀片電池訂單,相信股價目前仍未反映,維持「買入」評級,目標價由300港元升至313.4港元。
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本網最新綜合7間券商對其投資評級及目標價:
券商│投資評級│目標價((港元)
花旗│買入│410元
美銀證券│買入│351元
摩根大通│增持│250元->350元
瑞信│跑贏大市│315元->320元
里昂│買入│280元->320元
野村│買入│300元->313.4元
摩根士丹利│減持│132元
券商│觀點
花旗│次季純利勝預期,電動車毛利趨勢超越年複合增長率
美銀證券│次季業績符預期,毛利壓力由收益強勁增長抵銷
摩根大通│料新能源車下半年銷量翻倍,電池業務見上望空間
瑞信│次季純利按季升2.9倍,新能源車銷售按季強勁增長
里昂│增長動力加速為股價溢價奠下基礎
野村│次季核心電動車相關業務盈利改善,下半年料見進一步增長動力
摩根士丹利│次季銷售增長帶動盈利再升
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