《大行報告》花旗上調比亞迪(01211.HK)目標價至536元 評級「買入」
花旗發表研究報告指,將比亞迪股份(01211.HK)目標價由410元升至536元,評級「買入」,主要考慮到其新能源車需求強勁,長遠具成本架構優勢,並將公司2021-23年盈利預測升至41.2億元、95億元及181.8億元人民幣(下同),以反映新的出貨量及利潤估算。
該行指出,受惠8月份銷量表現強勁,加上新能源車訂單逾23萬台,現時估計相關正面催化劑可持續至第四季,而公司9月至12月的每月新能源車出貨量料分別為6.8萬、7.4萬、8.1萬及8.7萬台。該行將公司2021-23年新能源車出貨量升至57.7萬台、118萬台及158萬台,並相信在今年下半年及明年其市場份額將繼續提升,主要因為相對其他OEM公司無芯片短缺問題,而未來六至九個月新產品線強勁,加上下半年至2022年電池產能提升等。
花旗表示,公司汽車分部上半年毛利率為19.53%,估計下半年將改善至21.1%,主要受惠銷量提升,料下半年至明年新能源車的每輛淨利將提升至1.3萬至8.5萬元,意味下半年及明年新能源車淨利潤率將分別為2%及2.1%。考慮到2021及22年的研發開支分別為112.5億元及135億元,估計今年下半年及明年每輛車研發成本顯著降至1.58萬元及1.11萬元。(el/s) ~
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