一文綜合大行於比亞迪(01211.HK)公布季績後最新評級、目標價及觀點
比亞迪(01211.HK)今早股價造淡,高盛指比亞迪第三季受到電池部件成本壓力令毛利遜預期,下調公司今年淨利潤率預測0.9個百分點,及降今年每股盈利預測近28%至1.65元人民幣,但維持「確信買入」名單。公司昨日(28日)收市後公布今年首三季業績。淨利潤按年跌28%至24.4億元人民幣,基本每股收益0.85元人民幣。營業收入按年升38%至1,451.9億元人民幣。單計第三季,淨利潤按年升28%至12.7億元人民幣,基本每股收益0.44元人民幣,營業收入按年升22%至543.07億元人民幣。
【毛利率受壓 季績略遜色】
瑞信發表報告表示,比亞迪第三季純利表現略遜預期,淨利潤按年跌28%,受去年新冠疫情下口罩生產錄得顯著利潤影響。主要意外為比亞迪電子的盈利貢獻遜預期,按年減少72%,受晶片短缺及限電拖累。但非比亞迪電子業務,即主要為汽車業務的表現有驚喜,季度淨利潤按年升77%,受惠於強勁銷售增長。比亞迪電子毛利率按年跌9.3點子,受電池原材料價格上升影響。該行指,比亞迪10月首三周銷售按年升一半,上調比亞迪H股目標價至350港元,維持「跑贏大市」評級,並上調明年及2023年每股盈利預測2.1%及7.7%。
野村亦上調對比亞迪H股目標價,由313.4港元上調至373.3港元,維持「買入」評級。該行指季績顯示核心電動車相關業務維持強勁銷售力,該行繼續預期盈利進一步上望潛力,受惠於新車款及消費者適應增加,為電動車銷售強勁增長下打基礎,以及其磷酸鐵鋰刀片電池能從全球汽車生產商取得外來訂單。該行上調對比亞迪今年至2023年每股盈利預測5%至14%,以反映上調對其汽車銷售預期4%至13%。
摩根大通則指,比亞迪第三季度業績溫和地勝預期,明顯受銷售穩定及產品組合推動。該行指,比亞迪H股股價今年已累升49%,跑贏其他代工廠及恆生中國企業指數。在公司繼續提升電池及電動車產量,以及包括取得電池訂單及分拆其半導體分支上市的潛在正面催化劑,該行仍對比亞迪持樂觀立場。該行維持比亞迪H股「增持」評級,上調目標價,由350港元升至400港元。
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本網最新綜合6間券商對其投資評級及目標價:
券商│投資評級│目標價(港元)
摩根大通│增持│350->400元
大和│買入│382元
野村│買入│313.4元-> 373.3元
高盛│買入(「確信買入」名單)│359元
里昂│買入│350元
瑞信│跑贏大市│320元->350元
券商│觀點
摩根大通│季績穩固,未來有更多上望空間
大和│季績符預期,認為業績主要受原材料價格上升影響
野村│核心電動車相關業務增長動力維持強勁
高盛│季績因電池報件成本壓力遜預期,車輛銷售急劇增長
里昂│季績遜預期,惟認為值得給予估值溢價
瑞信│車輛銷售強勁抵銷旗下比亞迪電子(00285.HK)業績疲弱
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