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《大行報告》匯豐研究下調比亞迪(01211.HK)目標價至382元 評級「買入」
阿思達克 09-27 10:02
匯豐研究發表研究報告,表示在現時強勁的新能源汽車產品週期中,預期比亞迪(01211.HK)將持續提升其電動汽車市場份額。 該行指,比亞迪8月份推出全新電動轎車Dolphin,主打城市的年輕消費者,另一款新車型元Plus則可能在第四季推出。匯豐研究相信,比亞迪憑藉強勁的產品週期,以及新產品在安全、效率和智能方面的競爭力,將有助進一步提升在電動汽車市場的份額,由於內地新能源汽車銷量預測上調,相應將2021至2023年收入預測分別上調5%、13%及14%。 匯豐研究又指,受毛利率拖累,今年上半年比亞迪的盈利表現低於預期,認為新的刀片電池產能增加及電池材料上游成本上漲,可能會對近期利潤率繼續構成壓力,基於較低的毛利率預測,將今年淨利潤預測下調5%,目標價由389元降至382元。 但該行仍相信,新能源汽車銷量強勁增長及潛在的外部電池訂單,將推動規模效益及利潤率提升,因此將2022至2023年淨利潤預測提高3%,維持「買入」評級。
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