小摩:維持比亞迪股份(1211.HK)增持評級,看高至400港元
格隆匯11月2日丨小摩發佈研究報吿稱,由於比亞迪電池及汽車業務續發展迅速,以及電池訂單量跑贏等潛在正面催化劑,繼續看好公司股價,維持比亞迪股份(1211.HK)“增持”評級,調高2021-23年盈利預測4%-13%,預計2025年新能源汽車銷量可達180萬輛,目標價由350港元上調14.3%至400港元。該行相信,車企生產或呈“扁平U型”復甦,第4季行業生產活動相對今年4-9月低潮期,會大規模恢復。需求方面,明年預計乘用車取得中等單位數增長;但預期會有新電動車型號推出。但成本及開支上升,相信投資者未見車企的股價上漲驚喜。預測第4季比亞迪的新能源汽車銷售上升至24.7萬輛,按季升36%;全年89.4萬輛,同比升53%。至於催化劑為:比亞迪Dolphin品牌旗下新型號或推出;旗下半導體子公司準備在港股上市;預計2023年以後,比亞迪的對外OEM電池出貨量將佔逾20%比重。比亞迪H股現漲超5%報301.5港元。
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